Blockchain analytics firm Chainalyis has cut 15% of its workforce, the company said on Tuesday.
This is the second round of layoffs by the New York-based firm in the past 12 months – the firm laid off 5% of its staff in February. Chainalysis, which specializes in analyzing and tracking crypto transactions for risk-management purposes, is said to have an employee base of 900.
"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. We remain committed to our mission to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses," the company said in a statement.
The layoffs are the latest in a series of job cuts by crypto firms, which include Coinbase (COIN) and Robinhood (HOOD). The crypto industry has been reeling from the fallout of the crypto winter, which has led to a series of bankruptcies and downsizing.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.