The firm said on October 3 that it has laid off 15% of its workforce, or around 135 people.
There were around 900 workers at the company prior to the most recent layoffs.
Chainalysis, a blockchain analytics business, let off another 15% of its workforce this week, citing the necessity to cut costs in light of the prolonged detrimental market. The firm said on October 3 that it has laid off 15% of its workforce, or around 135 people.
Madeleine Kennedy, VP of communications at Chainalysis, said:
“While Chainalysis continues to be well positioned for long-term success as a consistently top-performing software company, we are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time.”
Prolonged Bear Market
A representative for Chainalysis has said that there were around 900 workers at the company prior to the most recent layoffs. The prolonged crypto bear market has diminished the demand for commercial goods, resulting in the company’s second wave of layoffs this year.
Moreover, in the face of deteriorating market circumstances, Chainalysis implemented a reorganization in February that resulted in the elimination of 40–50 positions.
The total market value of digital assets has dropped by 64 percent from its all-time high over two years ago. Trading volumes, liquidity, and volatility have all decreased thus far this year. A Forbes article based on an email from CEO Michael Gronager to employees says that most of the layoffs would affect private sector marketing and business development departments.