Chainalysis, a blockchain analytics company, has cut its personnel by 15% this week, or about 135 people. The choice was made in response to the ongoing bear market circumstances and the necessity to cut expenses. Madeleine Kennedy, vice president of communications at Chainalysis, reaffirmed the firm’s dedication to its goal of fostering trust in blockchains across governmental organisations, financial institutions, and cryptocurrency firms.
Around 900 people were employed by Chainalysis prior to the most recent layoffs. Since the prolonged crypto bear market has decreased the demand for commercial items, the company has had to make a second round of cutbacks this year. In response to the deteriorating market conditions, Chainalysis reorganised in February and eliminated 40 to 50 employees. The market value of digital assets has decreased by 64% from its high level of almost two years ago, and markets have largely remained flat with declining volatility, liquidity, and trading volumes. According to a Forbes report citing an email from CEO Michael Gronager to colleagues, the private sector-focused marketing and business development teams will be the major targets of the cuts.
