Analytics firm Chainalysis has just announced it intends to lay off 44 of its 900 employees, nearly 5% of its staff, Forbes has reported.
According to Madeleine Kennedy, head of the company's communications department, the optimization will primarily affect employees in the sales division.
The company has reported it has made the decision due to the drop in demand for Chainalysis' services as a result of the recent downturn in the crypto market.
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In addition, the company has also said that it plans to focus on developing new products with a focus on the financial sector, as well as an increased focus on government customers.
Other companies in the cryptocurrency sector, including Coinbase, Blockchain.com and Gemini, have reported staff reductions this year.
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