Throughout 2023, difficult market conditions have forced companies from across the crypto sector to reduce their headcount.
In the latest round of layoffs, blockchain data analytics firm Chainalysis is laying off around 150 staff members, amounting to 15% of its global workforce.
In a statement shared with CCN, Chainalysis Vice President of Communications Madeleine Kenned confirmed that “this week we announced that we made the difficult decision to part ways with 15% of Chainalysis employees.”
“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,” she added.
For Chainalysis, the latest job cuts represent the second round of layoffs in a year after the firm cut around 40–50 jobs in February amid challenging market conditions.
Starting in 2022, the entire tech sector has been subject to mass layoffs that have left few corners of the industry unaffected.
According to layoffs.fwi , 1061 technology companies made 164,769 employees redundant in 2022. So far in 2023, there have been 238,397 job cuts in the sector, spread across 1036 businesses.
In the crypto sector alone, 51 different companies have laid off 4778 employees so far this year. In 2022, the industry saw 8263 layoffs spread across 59 businesses.
For example, the NFT marketplace SuperRare was forced to cut 30% of its staff in January.
Meanwhile, Chainalysis isn’t the only data platform that has turned to job cuts as a way to streamline its expenses. For example, Messari and Nansen have also had to reduce their headcounts in 2023.