The New York-based blockchain analytic company Chainalysis has announced plans to lay off 5% staff. The attempt to reduce the headcounts aims at reorganizing the firm to cope with the ongoing crypto market turbulence.
A statement issued by Maddie Kennedy, Chainalysis’s head of communication, on February 2 revealed that the firm would dismiss 40 to 50 employees. Kennedy stated that the retained workforce would be reassigned to new roles and duties. She disclosed that the firm layoffs would affect most of the marketing team.
The leading crypto forensic company Chainalysis which has been operating since 2014, will let go of 5% of the workforce. Initially, the firm had over 900 employees, but the attempt to survive the crypto market headwind has prompted the company to reorganize the organization’s operation.
Following this, Chainalysis disclosed that the private sector’s demand for crypto-related products and services has diminished since the bulls disappeared in the digital realm. Also, the fluctuating crypto assets prices and declining trading volume pushed the firm to take tentative steps to remain operational.
A report from the Chainalysis spokesperson disclosed that the retained employees will be assigned new roles and duties and mandated to work in different schedules. The spokesperson regretted that the rough crypto winter compels the firm to lose talent and skilled personnel.
Besides the plans to reorganize the company, it was reported that the analytic firm had plans to launch new products for financial and institutional consumers.
Why are Crypto Firms Reducing the Workforce?
Notably, Chainalysis ranks among the best analytic companies that provide crypto services to customers in the private sector, including digital brokerage firms, custodial banks, and firms in the securities exchange markets. Chainalysis also supports the operation of government institutions such as the FBI.
Additionally, Chainalysis joins other high-profile crypto firms battling massive layoffs to remain afloat. As the crypto market struggles to regain strength, the crypto lenders and service providers have been plunged into reducing the workforce.
In the meantime, from April 2022 to January this year, over 30000 employees left the crypto industry. Their unexpected departure has halted the expansion of the crypto empire.
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