Layoffs affect less than 5% of the firm’s employees.
Chainalysis Inc., a company that tracks cryptocurrency transactions and the organizations behind them, announced that it had laid off less than 5% of its workforce.
Since the layoff, the company, which is backed by Singapore’s sovereign wealth fund GIC, has had approximately 900 employees.
The team will be formed by the refocused strategy.
The layoffs are part of a larger reorganization; the company is well-capitalized and will build teams this year in line with a refocused strategy, according to a Chainalysis spokesperson.
Chainalysis, which was founded in 2014, rose to prominence by collaborating with the US and other governments on crypto-related investigations. This work has accelerated in the last year as a result of a series of high-profile industry crashes, ranging from the Three Arrows Capital hedge fund to the FTX exchange.
Chainalysis CEO Michael Gronager stated that the company plans to increase its workforce by 11% as part of a global expansion that may include new acquisitions.