New York-based Chainanalysis had previously announced a 5% reduction in its workforce in February. Corporate demand for crypto infrastructure products has eased during the extended bear market, and Chainanalysis is now leaning more towards the private sector and working with government entities, according to the Forbes report.
“This week we announced that we made the difficult decision to part ways with 15% of Chainalysis employees,” Madeleine Kennedy, vice president of communications for Chainalysis, told The Block in a statement. “While Chainalysis continues to be well positioned for long-term success as a consistently top-performing software company, we are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time.”
The announcement comes during a long, hard year of layoffs in the crypto industry. On Monday, the open-source software business Chia Network announced it was cutting 26 of its 70 employees after the loss of its banking partner delayed plans to go public.
Unchained contacted Chainalysis for comment.