Blockchain analytics firm Chainaanalysis cut its headcount by another 15% this week, citing the need to reduce expenses amid ongoing bear market gloom.
On October 3, Chainaanalysis confirmed to Cointelegraph that it had made the difficult decision to lay off 15% of its staff, totaling approximately 135 employees.
“While Chainaanalysis remains well-positioned for long-term success as a consistently high-performing software company, we are very focused on efficient growth and, given market conditions, we believe it is necessary to reduce expenses at this time,” said Mader, vice president of communications. Lingandhi.
We remain committed to our mission of building trust in blockchain among government agencies, financial institutions and cryptocurrency businesses,” she added.
A spokesperson for Chainaanalysis confirmed that before the latest layoffs, the company had about 900 employees.
This is the company’s second round of layoffs this year as the ongoing cryptocurrency bear market reduces demand for business products. In February, Chainaanalysis laid off approximately 40-50 employees as part of a restructuring due to worsening market conditions.
The market value of digital assets has fallen by 64% from its peak nearly two years ago. This year, the market has remained largely flat, with reduced volatility, liquidity and trading volume. Additionally, Bitcoin has repeatedly failed to break above the resistance above $30,000 and has remained range-bound over the past six months.
Forbes reports Quote An email from Chief Executive Michael Gronager to employees indicated the job cuts will come primarily from its private-sector-focused marketing and business development teams.
A Chainaanalysis spokesperson confirmed that the information in the report is accurate.
related: Petition seeks to prevent U.S. government agencies from using Chainaanalysis’ forensics technology
Few leading cryptocurrency and blockchain companies have escaped layoffs this year.
In September, Binance.US laid off a third of its staff as regulatory pressure intensified.Venture capital-backed blockchain companies also emerged last month R3 Cut one-fifth of the workforce.
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