Circle, a cryptocurrency company that offers a range of products and services, has announced that it is laying off some of its employees and divesting from non-core businesses.
The move comes as the crypto sector faces a challenging environment, with rising interest rates and falling crypto prices affecting investor confidence.
The company said in an email to Reuters that it is “redoubling its focus on core business activities and execution”, which include its USDC stablecoin, its payments platform, and its NFT marketplace.
Circle added that it is still hiring in “key areas of focus”.
Circle is not the only crypto company that has resorted to layoffs this year. Several other firms, such as BlockFi, ConsenSys, and Bitmain, have also reduced their workforce in response to the changing market conditions.