Crypto finance startup Circle announced that it is hitting the pause button on its Circle Research activities.
In a blog post on Sept. 24, the Circle team said the suspension came despite “significant progress” with its content offerings.
The team of the Goldman Sachs-backed crypto startup Circle explained:
“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.”
Circle Research was launched on Oct. 9, 2018, with the intent to provide weekly cryptocurrency market research and insights to help traders make better-informed decisions.
The news follows the previously announced termination of Circle’s payment app Circle Pay, with support to cease on Sep. 30.
Reported in May that Circle CEO Jeremy Allaire had confirmed that executives had made the decision to lay off one in ten of Circle’s employees — approximately 30 people. The CEO put the blame on the U.S. regulatory climate, saying:
“We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.”