Blockchain analytics company Chainalysis has announced a further reduction in its workforce by 15% this week. They have attributed this decision to the necessity of cutting costs in response to the ongoing bear market challenges.
On October 3, Chainalysis officially confirmed that they have had to let go of approximately 135 employees, describing it as a tough but necessary step.
A spokesperson from Chainalysis has verified that the company had approximately 900 employees prior to the recent staff reductions.
In February, Chainalysis cut around 40-50 employees as part of a restructuring effort due to the worsening market conditions.
Digital asset market capitalization has dropped by 64% from its peak level nearly two years ago. This year, the markets have experienced little growth, with decreasing levels of volatility, liquidity, and trading activity.
A report from Forbes, referencing an email sent by CEO Michael Gronager to the company’s staff, suggests that the majority of the staff reductions will primarily affect the marketing and business development teams that focus on the private sector.
