The blockchain data firm is cutting 150 employees in its second round of layoffs this year.
Posted October 3, 2023 at 1:40 pm EST.
Blockchain data platform Chainalysis is laying off 150 employees, or about 15% of its staff, due to the continued market turbulence. The news was first reported by Forbes and confirmed by The Block.
New York-based Chainanalysis had previously announced a 5% reduction in its workforce in February. Corporate demand for crypto infrastructure products has eased during the extended bear market, and Chainanalysis is now leaning more towards the private sector and working with government entities, according to the Forbes report.
“This week we announced that we made the difficult decision to part ways with 15% of Chainalysis employees,” Madeleine Kennedy, vice president of communications for Chainalysis, told The Block in a statement. “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.”
The announcement comes during a long, hard year of layoffs in the crypto industry. On Monday, the open-source software business Chia Network announced it was cutting 26 of its 70 employees after the loss of its banking partner delayed plans to go public.
Unchained contacted Chainalysis for comment.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://unchainedcrypto.com/chainanalysis-laying-off-15-of-staff-report/
- :has
- :is
- 1
- 15%
- 150
- 2023
- 26%
- 32
- 40
- 70
- a
- About
- According
- After
- among
- and
- announced
- Announcement
- ARE
- AS
- At
- Banking
- BE
- Bear
- Bear Market
- believe
- Block
- blockchain
- blockchain data
- blockchain industry
- business
- by
- chainalysis
- Coindesk
- comes
- comment
- Communications
- company
- conditions
- CONFIRMED
- consistently
- continued
- continues
- Corporate
- crypto
- Crypto Industry
- Crypto infrastructure
- Cut
- cutting
- data
- Data Platform
- decision
- Delayed
- Demand
- difficult
- due
- during
- efficiently
- employees
- entities
- expenses
- February
- Firm
- firms
- First
- focused
- For
- Forbes
- Go
- Government
- Government Entities
- Growing
- had
- Hard
- High
- HTTPS
- in
- industry
- Infrastructure
- IT
- ITS
- jpg
- layoffs
- Long
- long-term
- loss
- made
- many
- Market
- market conditions
- max-width
- Monday
- more
- necessary
- network
- news
- now
- october
- of
- off
- on
- open source
- Open-source Software
- or
- our
- part
- partner
- photo
- plans
- platform
- plato
- Plato Data Intelligence
- PlatoData
- pm
- positioned
- posted
- president
- previously
- private
- private sector
- Products
- public
- reduce
- reduction
- report
- Reported
- round
- Second
- sector
- significantly
- Software
- Staff
- Statement
- success
- that
- The
- The Block
- this
- this year
- time
- to
- told
- towards
- turbulence
- Unsplash
- very
- vice
- Vice President
- was
- ways
- we
- week
- WELL
- with
- Workforce
- working
- year
- zephyrnet