Blockchain Analysis Firm Chainalysis Lays off 20% of Its Workforce to Focus on Profitability

Francisco Memoria

Chainalysis, a blockchain analysis firm that reportedly works with 140 companies and 20 governments on identifying blockchain data, has cut off 20% of its workforce.

According to CoinDesk, Chainalysis’ headcount now dropped to 155, after it laid off 39 employees to prioritize becoming profitable and bringing new products to the market. Its director of communications Maddie Kennedy revealed the firm’s research and development team saw this most cuts.

The company’s resources are now set to be used on its “path to profitability,” and will be shifted into products teams and a market strategy. The move comes amid a plethora of good news for the blockchain analysis firm.

These include the U.S. Department of Justice using its software to take down the world’s largest child pornography website, by tracking transactions on the Bitcoin blockchain. The takedown led to the arrest of hundreds of the website’s users, and to the rescue of 23 children.

In total, CoinDesk reports Chainalysis has raised $53.6 million since it was founded back in 2014. Its backers from the latest funding round include Accel and Mitsubishi UFJ Financial Group, Japan’s largest bank.

This year the firm has added support for various cryptocurrencies, including XRP, Dogecoin, and 10 ERC-20 tokens. It also launched a real-time suspicious transaction alert tool for 15 popular cryptocurrencies.

Featured image via Unsplash.