The 15% employment reduction was announced by Chainalyis, a blockchain analytics business, on Tuesday.
This is the second round of layoffs the New York-based company has seen in the last 12 months; in February, the company let go of 5% of its workforce. There are 900 people working for Chainalysis, which focuses on monitoring and analysing cryptocurrency transactions for risk-management objectives.
“While Chainalysis continues to be well positioned for long-term success as a consistently top-performing software company, we are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time. We remain committed to our mission to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses,” the company mentioned in a recent statement.
The job cuts are the most recent in a string of layoffs carried out by cryptocurrency companies, including Coinbase (COIN) and Robinhood (HOOD). The aftermath of the “crypto winter” has left the cryptocurrency business in shambles, resulting in numerous bankruptcies and downsizings.