Blockchain analytics company Chainalysis is cutting headcount as it reorganizes to adjust to challenges in the crypto market.
The New York-based firm, which specializes in analyzing and tracking crypto transactions for risk-management purposes, said the reorganization will primarily affect its "go-to-market" team.
"As a part of this reorg, some folks will have new roles, responsibilities and reporting lines," a Chainalysis spokesperson told CoinDesk in an emailed statement. "Unfortunately, we will also part ways with some incredibly talented people within our team."
The cuts will affect less than 5% of Chainalysis' staff, the company said. The firm said it employs over 900 people, meaning the cuts would amount to 40 to 50 jobs.
Jobs cuts across the crypto industry have been a feature of the past few months as firms have adjusted to bear-market conditions. CoinDesk estimates that nearly 30,000 jobs have been cut by crypto firms since April 2022.
UPDATE (Feb. 2, 09:47 UTC): Removes Bloomberg attribution for job cut numbers.