• Many crypto firms and startups suffered during the crypto winter of 2020.
• Chainalysis is one of the firms making a proactive move to prepare for 2023 by implementing restructuring strategies.
• The company plans to lay off some non-core personnel, especially its sales team, while reshuffling roles of other staff and creating a new organizational structure.
Crypto Winter Impacts Crypto Firms
Last year, many crypto firms and startups went under due to the turmoil in the space. In addition, the devastating impact of the crypto winter affected many businesses as prices of crypto assets fell below expected levels. As a result, many crypto-related firms have started implementing restructuring strategies right from the beginning of 2023.
Chainalysis Prepares For Reorganization
Chainalysis is one of the firms making a proactive move to prepare its grounds for the year. A report from Forbes revealed that the blockchain research company Chainalysis plans to lay off some of its employees. According to the report, Maddie Kennedy, the director of communications at the firm, stated that the company is restructuring. The company plans to lay off some non-core personnel, especially its sales team and then reshuffle roles of other staff while creating a new organizational structure.
Reasons Behind Restructuring
Chainalysis mentioned that this layoff was necessary to cushion againstthe impact of decline in business in private sector users who had dropped their transactions in crypto as they were becoming more cautious about increasing losses in industry from last year. Further, Chainalysis indicated that its restructuring plan also aims at refocusing on new areas including products suitable for financial sectors while targeting public clients like Robinhood (an online brokerage) and BNY Mellon (a custodian bank).
Layoff Part Of Company’s Refocus Strategy
The blockchain analytics firm dismissed 44 out of its 900 staff which represents 4.8%of its workforce as part of their reorganization plan to help refocus their business strategyin 2023. This will include creating new products suitable for financial sectors whiletargeting public clients like Robinhood (an online brokerage) and BNY Mellon(a custodian bank). The firm boasts several private-sector customers such as theseentities have contributed to about 60%of sales for Chainalysis in past years accordingto reports from Forbes revealed..
chainalysis’s restructuring plan is necessary as it looks to create new products suitablefor financial sectors while targeting public clients like Robinhood (an onlinebrokerage) and BNY Mellon (a custodian bank). It has also dismissed4 4 outofits 900 staff which represents 4 8%of workforce as partoftheir reorganization plan refocusbusiness strategyin2023 .