– Crypto analytics firm Chainalysis is laying off about 150 employees, or about 15% of its staff.
– CEO Michael Gronager stated in an internal email that the firm is retreating from the commercial market and focusing on government contracting, which is considered more stable.
– Chainalysis’s vice president of communications confirmed the layoffs and stated that the decision is driven by the need to reduce expenses due to market conditions.
– The company aims to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses.
– Chainalysis had previously laid off about 5% of its staff in February.
– The firm plans to shift its focus to the public sector, which currently accounts for 70% of its revenue.
– Chainalysis hopes to work closely with governments.
Crypto analytics firm Chainalysis is cutting 150 jobs, or about 15% of its workforce, as it shifts its focus away from the commercial market and towards government contracting. The CEO, Michael Gronager, stated in an internal email that government contracting provides more stability for the company. Chainalysis’s Vice President of Communications, Madeleine Kennedy, confirmed the layoffs and explained that the decision was made to reduce expenses due to market conditions. The company aims to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses. This latest round of cuts follows a 5% reduction in staff in February. Chainalysis plans to concentrate more on the public sector, which currently accounts for 70% of its revenue, and hopes to establish closer relationships with governments.
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