San Francisco, Jul 14 (IANS): US-based cryptocurrency company Circle which manages stablecoin USDC (USD Coin), has announced that it is reducing its workforce and cutting investments in non-core business activities. 

Jeremy Allaire, CEO of Circle, has announced the job cuts, citing the end or reduction of investments in "non-core activities", reports the Business Journal.

The size of the job cuts is unknown, however, the company reportedly had about 900 employees at the end of last year.

Moreover, Circle's spokesperson, Zara Gleasure, stated that the company is "redoubling its focus" on core business activities and execution in order to maintain its "strong" balance sheet.

"We have reduced or ended investments in non-core activities and reduced operational expenses, which includes a marginal reduction in headcount," Gleasure was quoted as saying.

"At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis," she added.

Circle joins a growing list of cryptocurrency companies that have recently reduced their staff in order to cut costs and strengthen their balance sheets, including Coinbase, Kraken, Gemini, and Bybit.

In January, Coinbase laid off 20 per cent of its workforce, or about 950 people, to reduce its operating expenses amid the economic recession fears.

The crypto company in June last year eliminated 18 per cent of its workforce or nearly 1,100 people.