• Many crypto firms and startups went under in 2020 due to the crypto winter.
• Chainalysis is making a proactive move to prepare for 2023 by restructuring, which includes laying off non-core personnel.
• The company aims to refocus its business strategy on new products suitable for the financial sector.
Crypto Industry Turmoil Affects Companies
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.
Chainalysis Prepares For Reorganization
As a result, many crypto-related firms have started implementing restructuring strategies right from the beginning of 2023. 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.
Layoff Part Of Company’s Refocus Strategy
The company plans to lay off some non-core personnel, especially the sales team. Then, it will reshuffle roles of other staff while creating a new organizational structure. The blockchain analytics firm dismissed 44 out of its 900 staff, representing 4.8% of its workforce . This layoff was part of Chainalysis’ reorganization plan to help refocus its business strategy in 2023 and cushion against further losses in private sector customers as asset prices drop and more reports emerge imploding platforms skyrocketing caution among users when transacting with cryptocurrencies..
Chainalysis Targets Financial Sectors
The blockchain analytics firm also mentioned that it plans to create new products suitable for financial sectors while targeting public clients such as Robinhood (an online brokerage) and BNY Mellon (a custodian bank). The firm also has other securities-service firms and government entities like SEC, FBI, DEA as customers accounting for 60% of their sales in past years are also customers they are targeting this restructuring towards them too so they can stay afloat during these times..
Conclusion
Overall Chainalysus’s restructing plan is necessary as it helps re focus their business strategy on creating new products suitable for financial sectors while targeting public clients directly and government entities indirectly so that they can stay afloat during these trying times where user caution when transacting with crytocurrencies has increased drastically due to lack or trust within thw market place