2023-10-03 10:56:23 ET
%Blockchain analytics firm %Chainalysis has cut 15% of its staff amid a challenging operating environment.
New York-based Chainalysis, which analyzes and tracks %Cryptocurrency transactions around the world, had 900 employees before the latest round of layoffs was announced.
This is the second round of layoffs at the crypto-focused company this year. In February, the firm laid off 5% of its staff.
“We are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time,” said the company in a written statement.
The layoffs are the latest in a series of job cuts by cryptocurrency firms. In recent months, crypto exchanges %Coinbase () and %Robinhood () each announced layoffs.
The crypto industry continues to recover from the “crypto winter” of 2022, which led to a series of bankruptcies and downsizing in the industry.
Chainalysis is a privately held company. Its stock does not trade on a public exchange.