Facing the bear market in the cryptocurrency market, chain analysis company Chainalysis announced the layoff of 150 employees. This is a strategic adjustment it made after withdrawing from the commercial market in order to focus more on government business.

Chainalysis slashes staff by another 15%

Chainalysis CEO Michael Gronager announced the layoffs to his employees in an email on Monday night. The company will lay off more than 15% of its 900 employees. This is the company's second layoff this year as cryptocurrency prices continue to fall.

Business market downturn, business team laid off

According to Forbes, most of the laid-off employees belong to the marketing and business teams in the private sector. Chainalysis assists exchanges and other companies in identifying illegal transactions and maintaining compliant products, which are in trouble.

Reduce growth expectations and focus on government business

Chainalysis has lowered its growth forecast for this year and said it still has enough cash flow to survive the current market downturn.

Chainalysis has shifted its business focus to the public sector, which accounts for 70% of revenue. Chainalysis executives said: "The public sector still has a long way to go in establishing a safe and regulated environment."

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