In a post on its website, Circle said that the company has started to evaluate their contribution and overall strategy and decided to pause Circle Research activity. Circle Research had provided weekly and quarterly overviews of the crypto space, looking at markets, blockchain news, and industry news.
The move may be a continuation of apparent cost-cutting moves by the startup that offers cryptocurrency payments via an app, OTC trading, and spot trading via its Poloniex exchange platform, according to CoinDesk. It’s also part of a consortium including Coinbase that has launched a stablecoin pegged to the US dollar called USD Coin (USDC).
Moreover, during the summer, Circle said it would wind down the Circle Pay app, with a closing date for the service of September 30. Also, in May, 30 staff were let go, with Circle citing market conditions and ‘an increasingly restrictive regulatory climate in the US’ as the reason, the online publication added.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now