Jeremy Allaire’s Circle has been in the news for quite some time now, with the crypto-financing firm’s CEO regularly making news for his opinions on the United States’ regulatory climate. The firm is in the news again after it announced that it was pausing all Circle Research activities, despite the significant progress made by the team.
Circle Research was initiated with the goal of delivering cryptocurrency market research and insights on a weekly basis, for all users. Additionally, the research was designed to help traders make effective decisions. This news comes just a few months after Circle announced that its payment app, Circle Pay, would be terminating its services. The payment service will be terminated by the end of this month. The latest announcement made by Circle read,
“While we’ve made significant progress with our content offerings, 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.”
Previously, Circle made headlines after it acquired a license to offer crypto-related services in Bermuda under the Digital Assets Business Act. These services range from advanced trading products to newly-listed crypto-assets. Further, Circle’s Jeremy Allaire had stated that even with the volatile nature of digital assets, revenues gained off late were pulling more individuals towards stablecoins.
The firm was also in the news after its CEO spoke out against the restrictive regulatory climate in the United States, citing it as the reason behind 30% of Circle’s staff being laid off. This step was crucial for aligning its business operations with the latest market trends as well. Along with this, he also commented that the Chinese Central Bank was the only global level central bank that was working on the CBDC with a research and development perspective in mind.
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