By Circle, the Boston-based payments firm, announced that it is pausing its research department, Circle Research. This has come after the most recent cutback on its employee count.
In a post by the Circle Team on 24 September, the company indicates that despite Circle’s Research initial progress, the project will be placed on hold in the meantime. The Goldman Sachs-backed crypto startup was appreciative for the support and interest people have shown towards the research since its inception. The information and feedback provided had proven to be useful.
The statement also added, “While we’ve made significant progress with our content offerings, it’s time to evaluate our contribution and overall strategy. With that in mind, we’ve decided to pause Circle Research activity for the time being as we decide on a future direction for the program.”
The objective of the research project was to provide weekly cryptocurrency market research. It focused on producing market analysis, project breakdown alongside the weekly insights. The study aimed to help traders make better and more informed decisions about the market.
Circle Employee Cutback
Jeremy Allaire, the CEO of Circle, announced that it would be laying off about 10% of their workers following the current restrictive US regulatory climate. In this, for every ten employees, looks like one will be leaving the Circle family. This comes to laying off around 30 employees.
In a statement, the CEO said, “We made these changes in response to the new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.”
This announcement is just one of several other departures and project shutdowns from Circle. In early July, the firm announced that it would be shutting down one of its Circle Pay apps. The shutdown came with the claim that they would shift their focus to other business opportunities such as new wallet services. On the other hand, Circle’s OTC trading desk lost six workers in August.
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