Blockchain analytics firm Chainalysis has announced a 15% reduction in its workforce, marking the second round of layoffs within a year. The New York-based company, known for its expertise in analyzing and tracking cryptocurrency transactions for risk management, currently employs around 900 individuals.
In a statement, Chainalysis expressed its commitment to building trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses, while acknowledging the need to cut expenses in response to market conditions.
The job cuts at Chainalysis follow a trend within the crypto industry, with other firms like Coinbase and Robinhood also implementing layoffs. These actions come as the industry grapples with the aftermath of the crypto winter, which has resulted in bankruptcies and downsizing across the sector.
Despite the challenges, Chainalysis remains optimistic about its long-term success as a top-performing software company, emphasizing the importance of efficient growth in the current market landscape.