Chainalysis Fires 15% of its Employees

According to reports, Chainalysis, a company that provides analytics services for cryptocurrencies, is downsizing its workforce by about 15%, which equates to approximately 150 employees.

In an internal email to staff, CEO Michael Gronager cited the need to focus on government contracts as a stable source of revenue and therefore withdrawing from the commercial market.

The firm’s vice president of communications, Madeleine Kennedy, confirmed the layoffs, stating that the company is committed to growing efficiently and must reduce expenses in light of market conditions.

This decision comes after a smaller round of layoffs in February and indicates a shift towards working more closely with governments, which currently accounts for 70% of the company’s revenue.