The market is growing, and the states are falling: Chainalysis company cuts 5% of the staff

Chainalysis, an analytics firm that tracks cryptocurrency transactions, will cut nearly 5% of its staff. 44 out of 900 employees will be asked to leave, reports Forbes with reference to the head of the company’s communications department, Maddie Kenned.

Kennedd confirmed that some employees will have new responsibilities and accountability, while others, primarily those working in sales, will be fired.

The company’s management in its message (available to Forbes) explains that the main reason for the cuts was a decrease in demand for the company’s services, which is due to a collapse in prices and trading volumes of digital assets in 2022. In addition, the company plans to switch to the development of new products focused on the financial sector, as well as place more emphasis on government clients.

Chainalysis has joined the ranks of cryptocurrency companies that made the difficult decision to lay off staff after a disastrous year. Despite the growth of bitcoin, prices for cryptocurrencies are still very low, leaving no chance to recover from losses. In early December, the popular cryptocurrency exchange Bybit also announced a 30% reduction in staff. The protracted bear market was to blame for everything.

Major U.S. cryptocurrency exchange Kraken announced a 30% staff cut at the end of November. Back in the summer, after the collapse of Luna, the marketplace continued to hire staff, but news of the bankruptcy of FTX forced management to reconsider their strategy.

In early November, another US exchange, Coinbase, also cut 60 jobs. In early January, the exchange was covered with a second wave of layoffs – another 950 people were asked to leave.

In mid-January, the platform also followed the example of its colleagues and announced a reduction in staff. Layoffs affected 20% of the company’s employees.

Gemini, a major US cryptocurrency exchange founded by brothers Cameron and Tyler Winklevoss, announced a 10% staff cut in late January.

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