Blockchain Firm Chainalysis Cuts Down 20% Of Workforce

The blockchain firm Chainalysis fired 39 employees on Thursday which is about 20 percent of its workforce as the startup aims to turn profits and to bring new products to the market. We are reading more about it in the latest blockchain news today.

The cuts eliminated positions in almost every corner of the blockchain analysis company according to the director of communications Maddie Kennedy and the research development team received the most cuts in the entire blockchain firm. The company’s total workforce is now at 155. The downsizing will also help to put the five-year-old company on the way to profitability as Kennedy said which will also allow the company to shift its resources into the product teams and to also create a better go-to strategy.

This was one of the largest layoffs in the industry since the crypto winter in 2018 and right after the bitcoin price started climbing earlier this year. Circle also let go of about 30 employees or 10 percent of its workforce back in May and also the Israeli startup Colu fired 13 people as well. Chainalysis’ layoffs follow a string of prolonged positive announcements for the company which inspects the public cryptocurrency data for any clues and illicit activities. One of the most popular services is its longtime stalwart in the US government’s crypto investigations.

The US Department of Justice used the Chainalysis software in order to take down the world’s largest child pornography site last month which led to a massive bust and the rescue of 23 children. Last week, the company had its first industry conference in Manhattan which was a week before the company announced the new crypto data tool for institutional investors. Also, back in April, the company closed a Series B funding round with $36 million from backers including Accel and Mitsubishi UFJ Financial Group.

Chainalysis also managed to raise $53,6 million in total over the years when Jonathan Levin and Michael Gronager started the company back in 2014. Their hard fork led to funneling the capital into an aggressive expansion plan that included the research and development office in London which will result in future hirings.
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Aside these developments, Chanalysis boasted more than 25 open positions when it opened Series B in February and also hired three executive-level developers earlier this month.