Chainalysis Hit by Crypto Winter, Announces Second Round of Layoffs
Mobile phone with website of US cryptocurrency company Chainalysis Inc. on screen in front of business logo. Focus on top-left of phone display. (Timon Schneider / Alamy Stock Photo)
- Chainalysis is planning to lay off approximately 150 of its 900 staff members as part of a strategic shift.
- This layoff follows a smaller one in February, which affected about 4.8% of the staff.
- The company’s CEO, Michael Gronager, explained that the layoffs are a necessary step as they pivot towards serving clients in the public sector, with a focus on government agencies.
- Chainalysis had been generating revenue from both government agencies and private sector firms, but due to ongoing market contractions, they are downsizing their private sector offerings.
- Despite the layoffs, Chainalysis remains financially stable with ample cash reserves, and the company plans to continue developing new software solutions while prioritizing profitability and maturity.
