Chainalysis Cuts Workforce Amid Bear Market & Rise of AI

Chainalysis reduces its workforce by 15% due to bear market challenges, cutting 135 employees, mainly in marketing & business development.
Chainalysis Cuts Workforce Amid Bear Market & Rise of AI
Chainalysis Cuts Workforce Amid Bear Market & Rise of AI

This Thursday, the blockchain analytics firm Chainalysis reported a further 15% reduction in staff. In order to address the current bear market issues, they have justified this choice by citing the need to reduce expenses.

On October 3, Chainalysis formally announced that they had to fire about 135 workers, characterizing the decision as difficult but essential.

Prior to the most recent layoffs, Chainalysis employed, according to a business representative, about 900 people.

Due to the deteriorating market conditions, Chainalysis reduced its workforce by 40 to 50 personnel in February as part of a reorganization effort.

From its high level almost two years ago, the market valuation of digital assets has decreased by 64%. The markets have not grown much this year, and volatility, liquidity, and trading activity have all decreased.

According to a Forbes article citing an email given to the company’s employees by CEO Michael Gronager, the majority of the job reductions will mostly impact the marketing and business development teams that concentrate on the private sector.

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