The security company Chainalysis announced the reduction of 150 employees, who made up 15% of the staff. Forbes reports this.
In a company letter, the firm’s CEO Michael Gronager said the project would have to exit the commercial market and focus on “more stable” government contracts.
Most of the layoffs were in marketing and business development teams focused on the private sector.
“While Chainalysis continues to have opportunities for long-term growth as a leading software company, we are focused on efficient growth and, due to market conditions, currently believe it is necessary to reduce our expenses,” the head noted Communications Department Madeleine Kennedy.
She said there were many issues to be addressed in the public sector, including anti-money laundering regulations, market conduct and consumer protection.
This is the second round of cuts for the company, which was valued at $8.6 billion in 2022. In February, Chainalysis laid off 5% of its employees, citing a difficult crypto winter.
Let us remind you that over the past year, employment in the cryptocurrency sector decreased by 10% – from 210,000 to 190,000 employees.
Robinhood, Dapper Labs, Polygon, Magic Eden, Protocol Labs, Bittrex, Luno, Blockchain.com, Huobi, Bybit, STEPN, TrueLayer, Chia Network and others announced layoffs.
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