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Peer-to-peer payment technology firm Circle has announced that it’s going to be focusing most of its effort into its USDC stablecoin in 2020. The announcement comes in the heels of Circle co-CEO Sean Neville stepping down from his role in the company.
In a blog post published Dec. 17, Circle said that its stablecoin has been a great mechanism to help evolve their original plans for the company and enter a new phase next year. Neville and CEO Jeremy Allaire wrote that their product roadmap in 2020 will be focusing on custody, new global payment, and a wallet API for stablecoins.
“Circle’s platform services quietly supported our Pay, Invest, Trade, and USDC products and businesses by providing robust underlying custody, risk and identity management, compliance management, data science, card and banking gateways, and blockchain gateways. These platform services are analogous to the massive foundation of an iceberg not visible beneath the water while our products were the small visible crest above,” the blog read.
More executives leaving
As a result of this pivoting, Circle has decided to sell its OTC desk to Kraken. Additionally, Chief Financial Officer Naeem Ishaq and Chief Legal Officer Gus Coldebella will be stepping down from their respective roles, although Coldebella will still be advising Circle moving forward.
The announcement said that more people will be added in the coming months that will contribute to the momentum that Circle has gained in the stablecoin sector. It remains to be seen who will be hired for the new positions created by the transition. With the growth seen by the crypto industry, Circle believes that charting this new course is the best for the company’s future.
“The global interest in stablecoins and digital currency backed by central bank money, the introduction of third-generation public blockchains, and the accelerated global policy interest in crypto all provide an exciting backdrop for our new platform services in 2020. We are excited to get these technologies into the hands of creative developers and businesses everywhere,” the blog said.
