Industry

Goldman Sachs Firm Circle to Create 100 New Crypto-Related Jobs

JP Buntinx | March 15, 2018 | 9:00 am
circle
Industry

Goldman Sachs Firm Circle to Create 100 New Crypto-Related Jobs

JP Buntinx | March 15, 2018 | 9:00 am

Goldman Sachs has been a remarkable company when it comes to Bitcoin. While the bank has always been hesitant to embrace cryptocurrencies directly, their investment arm is a different matter. Circle, one of the companies funded by this bank, is now on a hiring spree. The cryptocurrency industry is creating 100 new jobs for this company alone.

The Circle Hiring Spree

It is evident cryptocurrency interest is still on the rise. Even major price drops cannot prevent people from being intrigued as to how it all works. As such, regular people and investors all want access to this new form of money. Circle is one of the go-to solutions in this regard. While initially a mobile payments platform, they expanded into cryptocurrency a little while ago.

This move is only further confirmed by the acquisition of a trading platform. Poloniex is one of the bigger cryptocurrency exchanges in the world today. However, their service has suffered from degraded performance and customer support delays. Circle wants to address those problems by hiring 100 new staffers around the globe.

For now, the company seems intent to focus on Asia. More specifically, South Korea, Japan, China, and Hong Kong are all regions of interest.  With the company having VC backing from Goldman Sachs, among others, this expansion is only the first step. It appears the company is intent on boosting global cryptocurrency use and adoption pretty quickly. That is much easier said than done, especially given the current market sentiment.

Circle Wants Bitcoin to Succeed

Although it seems as if Bitcoin directly competes with Circle’s original business model, the vision of CEO Jeremy Allaire is quite clear. In his opinion, every form of value will become a crypto token eventually. To ensure that can happen, existing cryptocurrencies need to pave the way and succeed. Right now, that process has hit a few roadblocks. Regulators are cracking down on this form of money left, right, and center.

At the same time, Circle may be the catalyst the industry has been waiting for. It is a household name in the financial sector as we speak. Their Pay, Invest, and Trade solutions are all of great interest to investors, consumers, and speculators. Adding cryptocurrency to this growing list of services seems to be a logical evolution.

For now, we have to wait and see how this new plan evolves. Circle has no intention to raise additional funds despite the recent acquisition of the Poloniex exchange. Instead, the company wants to remain profitable for the second year. Whether or not they can succeed in that mission largely depends on how the cryptocurrency markets evolve. Right now, it is not looking all that great in this regard. Anything can happen, though, and the year is far from over.

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