Chainalysis, a blockchain analytics firm, has reduced its headcount by 15% this week, amounting to approximately 135 staff. This is the second round of cuts for the company this year due to the ongoing crypto bear market reducing the demand for commercial products. A spokesperson for Chainalysis confirmed the firm had around 900 employees before the most recent cuts. Chainalysis Vice President of Communications, Madeleine Kennedy, stated that the company is “very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time.” Digital asset market capitalization has fallen by 64% from its peak level almost two years ago. This year, markets have remained mostly flat with volatility, liquidity, and trading volumes dwindling. Moreover, Bitcoin has failed to break resistance above $30,000 several times and has remained range-bound for the past six months. A Forbes report citing an email from CEO Michael Gronager to staff suggests the cuts will come mainly from marketing and business development teams focused on the private sector. The Chainalysis spokesperson has confirmed the information in the report as accurate. Very few leading crypto and blockchain companies have escaped from having to axe staff this year. In September, Binance.US let a third of its staff go as regulatory pressure intensified. Last month also saw venture-backed blockchain firm R3 axe a fifth of its workforce.

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Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	8
People	Michael Gronager, Madeleine Kennedy
Companies	Mt. Gox, R3, Forbes, Binance.US, Chainalysis
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None