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Chainalysis has reduced its workforce by 15% citing the effects of the prolonged bear market
The company noted that the layoffs are a way of reducing its expenses “at this time” although it’s set for long-term success
This is the second time the company is slashing its workforce this year having sent home roughly 50 of its staff in February
Blockchain analytics company Chainalysis has conducted another round of layoffs sending home 15% of its workforce or about 135 employees. Although the company said that it’s set for long-term success, it noted that the current move was necessary to help it reduce expenses as a way of maneuvering the ongoing crypto bear market that started in 2021 and later aggravated by the FTX saga. This is the second round of cuts this year having laid off around 50 employees in February, a trend that has been common with web3 firms looking for ways to survive the difficult times.
Growing Efficiently in a Difficult Market
According to the firm’s VP of Communications Madeleine Kennedy, the move is part of their mission to grow “efficiently” even in a difficult market. She however noted that the cuts haven’t compromised Chainalysis’ commitment “to build trust in blockchains” across different sectors such as government agencies and crypto businesses.
A report by Forbes noted that the firm is seeking to reduce the headcount in its marketing and business development departments whose functions have greatly been affected by the prolonged bear market.
Forbes added that Chainalysis intends to focus on government-related projects since revenue from its commercial products curated for crypto businesses has tanked due to the market downturn.
From Layoffs to Complete Shutdown
Chainalysis’ move resembles that of other blockchain and crypto-focused firms like Blockchain.com and Crypto.com which have also slashed their workforce to survive the winter season.
The bear market has however brought other web3 firms like Recur and Nifty’s to a complete standstill forcing them to shut down.
With Chainalysis laying off close to 200 employees since the start of the year, the trend is likely to be witnessed with other blockchain and crypto-focused firms as the bear market continues to bite.
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