ANNOUNCEMENT! We're excited to share that The Block Pro, a portfolio of research, news and data products in one easy-to-use platform, launches later this month. Reach out to your account manager for more information about products and subscription options.
Circle announced this week that it laid off 30 employees in “response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States”
Poloniex, a cryptocurrency exchange that Circle acquired in February 2018 for $400 million, announced on Friday that it will “geofence” nine tokens from U.S. customers due to regulatory uncertainty
While the regulatory climate in the U.S. certainly played a part in the layoffs, there is more to the story than Allaire is letting on
Circle’s lower-than-expected OTC business, Poloniex’s waning relevancy as well as issues with raising more capital all likely contributed to the decision
Footnotes
Join The Block Research for exclusive research like this
Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.
