Following the week after Circle’s co-CEO, Sean Neville declared he would vacate his position by the end of 2019, the company then again dismissed ten other staffs upon terminating 30 employees beforehand last May. The previous cut down was prior to citing regulatory concerns and market conditions and mirrored 10% of the company’s total labor force, leaving its current headcount in question.
A Circle representative clarified that the later incident had to happen for reorganization to stretch more focus on innovating its stablecoin business approach and has no association to Neville’s withdrawal at all.
He explained that Neville would continue rendering his activities with Centre, the company’s joint development with its USDC stablecoin provider, Coinbase. He added that Neville chose to step back from his post after Poloniex has been sold to an anonymous Asian group. Neville notably launched Circle with Jeremy Allaire in 2014 and later on acquired crypto exchange Poloniex in 2018.
Later in 2015, the payment company was recorded to be the first to have been granted a BitLicense from New York’s finance department, giving Circle the permission to issue crypto services across the state.
Previously, two other former Circle directors Daniel Matuszewski and Julien Seguin established a new crypto trading enterprise. Matuszewski left Circle in August and admitted he was afraid of the perils of starting a similar firm a few years back, but he’s now confident that Bitcoin would not cease to perish.