Crypto finance startup Circle announced that it is hitting the pause button on its Circle Research activities.
Deciding on a future direction
In a blog post on Sept. 24, the Circle team said the suspension came despite “significant progress” with its content offerings.
The team of the Goldman Sachs-backed crypto startup Circle explained:
“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.”
Circle Research was launched on Oct. 9, 2018, with the intent to provide weekly cryptocurrency market research and insights to help traders make better-informed decisions.
The news follows the previously announced termination of Circle’s payment app Circle Pay, with support to cease on Sep. 30.
Circle sheds 10% of workforce
Circle CEO Jeremy Allaire had confirmed that executives had made the decision to lay off one in ten of Circle’s employees — approximately 30 people. The CEO put the blame on the U.S. regulatory climate, saying:
“We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.”