Blockchain analytics company Chainalysis is cutting headcount as it reorganizes to adjust to challenges in the crypto market.
The New York-based firm, which specializes in analyzing and tracking crypto transactions for risk-management purposes, said the reorganization will primarily affect its "go-to-market" team.
"As a part of this reorg, some folks will have new roles, responsibilities and reporting lines," a Chainalysis spokesperson told CoinDesk in an emailed statement. "Unfortunately, we will also part ways with some incredibly talented people within our team."
The cuts will affect less than 5% of Chainalysis' staff, the company said. The firm said it employs over 900 people, meaning the cuts would amount to 40 to 50 jobs.
Jobs cuts across the crypto industry have been a feature of the past few months as firms have adjusted to bear-market conditions. CoinDesk estimates that nearly 30,000 jobs have been cut by crypto firms since April 2022.
UPDATE (Feb. 2, 09:47 UTC): Removes Bloomberg attribution for job cut numbers.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.