Crypto firm Circle to cut workforce, focus on core activities

Circle logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Circle said on Wednesday it has reduced staff and ended investments in non-core activities as the stablecoin issuer seeks to shore up its balance sheet.

The company joins a list of cryptocurrency firms that have announced layoffs this year as a high interest rate environment and sliding crypto prices have dented investor confidence in the sector.