Chainalysis Fires 15% of the Workforce Amid Stagnant Market Conditions
- Chainalysis has laid off 15% of its workforce, and around 135 employees have found themselves jobless.
- A spokesperson confirmed that the firm had 900 employees prior to the job cuts in 2023.
- The firm cited poor market conditions and business expenses as the reason for layoffs.
- The firm let go of 40–50 people as a part of its reorganization process earlier this year due to the bear market.
Blockchain analytics firm Chainalysis has let go of a significant portion of its workforce amid stagnant market conditions. As per the official reports, the crypto firm has reported that due to the strengthening and elongated bear market that has shaken the crypto sector from its foundations, around 150 employees will be let go.
Chainalysis seeks to reduce its business expenses and expand operations at the same time. As a result, the firm has let go of 15% of its workforce, which amounts to over 135 people landing without jobs. The blockchain analytics firm confirmed the new turn of events for a crypto-focused media firm.
In a statement given to CoinTelegraph, Chainalysis Vice President of Communications, Madeleine Kennedy, confirmed that the firm was letting go of employees once again. She said that the firm remains “committed to our mission to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses,” while adding:
“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.”
A spokesperson noted that the firm had around 900 employees prior to the most recent job cuts. It is important to mention here that this is the second time Chainalysis has let go of employees this year. Earlier, the firm let go of 40–50 people as a part of its reorganization process due to the worsening crypto bear market in the past 12 months.
Interestingly, the digital asset space has gone downhill significantly after achieving its peak in late 2021, when multiple crypto firms were reported to have overhired employees. Almost every blockchain, crypto, and tech-focused firm has laid off employees this year, including Amazon, Binance, and Coinbase.
As reported earlier by BitcoinWisdom, in early 2023, another leading exchange, Huobi, laid off 40% of its workforce prior to reports of being sold to the highest bidders. On the other hand, Binance tried to deny layoff rumors but eventually confirmed the job cuts via an official announcement.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
