Circle Internet Financial Ltd. is betting big with its recently-acquired cryptocurrency exchange Poloniex, as the firm is planning to hire around 100 people to expand the exchange’s business and reach, according to a report by Bloomberg.
Circle’s acquisition of Poloniex last month was one of the biggest deals seen in the crypto space to date, bringing two giants of the industry together. Though the exact value of the deal was not revealed by the firms, it was estimated by many to have been approximately $400 million.
In an interview with Bloomberg, Circle co-founder Jeremy Allaire said that the company will hire 25 to 35 people to grow its operations in Asia, adding to a staff of about 10 in Hong Kong and mainland China. It also plans to set up teams in South Korea and Japan.
Mr. Allaire said: “The long-term view is that every form of value on the planet will become a crypto token. We want to offer more markets, more assets, we want to localize it, and launch it in more international markets and, critically, we need to work with the most important regulators.”
This move by an established blockchain firm like Circle clearly demonstrates that some companies are optimistic about the industry despite the recent market crash and increasing regulatory concerns.
Circle is a blockchain firm with deep pockets. It managed to raise $140 million in venture capital from investors such as Goldman, Baidu, and investment bank China International Capital Corp. However, according to Mr. Allaire, the company has no plans to raise more money through fundraising, and it expects to register profits in its second year.
Recently, Circle launched a commission-free cryptocurrency trading app, called Circle Invest, in 46 US states (the exceptions were New York, Minnesota, Hawaii, and Wyoming). With this, the firm is in direct competition with another commission-free platform called Robinhood, which has recently caused waves in the US.