For over a year, Circle a crypto startup has been at the forefront of providing traders with in-depth reviews of the sector to help them make informed decisions. However, all that has come to an end since Circle has decided to halt Circle Research.
In a post on its website, Circle starts with thanking its customers for taking an interest in Circle Research and providing feedback to them. Although Circle admits the great feedback from its community together with researchers helped it tremendously, they have to go back to the drawing board. Circle explained further saying;
Although the above formed the backbone of our content offering services, we have to go back to the drawing board to reevaluate Circles contribution and overall strategy. Through reevaluation, we will be able to chart a different direction for the future commences of the Circle Research program.
Circle finished off its post by urging users to reach out to them via [email protected] if they have any feedback or questions.
Circles Reanalyzes Its Projects
As Circle retreats to reevaluate its operations, from the look of things, the payments firm has decided to take a back seat and run an overhaul process of its projects.
The above seems to have started with the termination of the Circle Pay app, which is scheduled to be completely offline by 30th September. The whole process started way back in July 2019 after Circle made the announcement.
Closing of Circle Pay app was followed by the announcement of Circle laying off one in every tenth of its employees. Per Jeremy Allaire CEO of Circle announcement, the firm had to let go of approximately 30 employees. While announcing the firings, the CEO said;
Circle is still strong enough to continue developing new products for the crypto sector. Similarly, we strive to be at the forefront of driving growth in this sector globally. We will continue working with states that provide favorable policies for firms in operation in the crypto sector.
The CEO also went ahead to point out that unfavorable regulatory regulations in the US are what prompted it to cut down on its working force. However, he also said they wouldn’t sit back and watch as the agencies responsible make it hard to do business in the US. They will push for the introduction of conducive laws.
