Chainalysis Reportedly Cuts 39 Jobs Aiming to Boost Profit Margins
Joeri Cant's original article for cointelegraph.com reduced by 79%
Blockchain analytics firm Chainalysis is reportedly letting go of 39 of its employees in order to become more profitable. On Nov. 21, Coindesk reported that Chainalysis is cutting its workforce by nearly 20%, eliminating positions across the board to the tune of 39 employees laid off.
According to Maddie Kennedy, Chainalysis' director of communications, the research and development team had to bear the brunt of it. Layoffs might come as a surpriseThe staff cuts might come as something of a surprise as the New York-based blockchain analytics firm has experienced a number of positive announcements over the years. In 2018, the vast majority of blockchain intelligence government deals were reportedly contracted to Chainalysis, which during that time had signed deals with government agencies totaling $5.3 million.
It is also well-known that the IRS used Chainalysis back in 2015 to assist them in its case against Coinbase, in which a United States federal judge ordered the crypto trading platform to report 14,355 users to the IRS.However, Kennedy explained that the layoffs will further aid the company on its path to profitability and to pivot its resources into product teams and go-to-market strategies. FinCEN chief speaks at Chainalysis conferenceIn November, the United States Financial Crimes Enforcement Network Director Kenneth Blanco spoke at a conference hosted by Chainalysis, where he told the audience that Anti-Money Laundering laws will be strictly enforced in the world of cryptocurrencies.
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