Cypher
BlockchainCryptocurrencyCryptocurrency TrendsNewsWomen in Crypto

Blockchain Analysis Company Chainalysis Downsizes Workforce by 5%

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.

Chainalysis Layoffs

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. 

Cypher

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.

📰 Also read:  EigenLayer Receives $100 Million Investment from Andreessen Horowitz

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. 

📰 Also read:  Meta Unveils Artemis Chip To Reduce Nvidia Dependency: Here's Why

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. 


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Thai SEC Imposes Temporary Services Ban on Crypto Exchange Zipmex

Cypher

Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content