Chainalysis, a New York-headquartered blockchain intelligence firm, is reportedly laying off about 150 employees, or approximately 15% of the 900 staff members.
- The majority of the layoffs will come from marketing and business development teams focused on the private sector, according to an internal company email from Chainalysis Chief Executive Officer Michael Gronager seen by Forbes.
- Gronager added that the company will shift its focus from the commercial market to more stable government contracts.
- This is the second round of layoffs this year for the blockchain company, after reducing its headcount by 44, or 4.8% of its staff, in February.
- The announcement comes during a bear market when the global crypto market capitalization is down 63% from its all-time high of US$3 trillion in November 2021.
- The largest cryptocurrency exchanges, such as Binance.US and Coinbase, have also announced layoffs earlier this year due to the continued bear market conditions.
- Madeleine Kennedy, the vice president of communications at Chainalysis, told Forbes that the firm has sufficient funds to survive the bear market, but didn’t provide any specific numbers.
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