On Monday, the CEO of Chainaliz, a cryptocurrency analysis firm, sent an email to the company’s internal employees, announcing that approximately 150 employees, or roughly 15% of the workforce, would be laid off, and the company’s business strategy would change.
“While Chainaliz continues to be well-positioned for long-term success as a software company that consistently delivers high performance, we have been focusing on efficient growth and believe that due to market conditions, it is necessary to reduce our expenses.”Vice President Madeleine Kennedy
Earlier this year, in February, Chainaliz had already laid off 5% of its employees to cope with the uncertainties in the cryptocurrency market and the ongoing bear market. However, it appears that the company has now decided to make a strategic shift alongside these layoffs.
Chainaliz Aims to Shift Its Focus to the Public Sector
According to Forbes, Chainaliz now intends to shift its focus more towards the public sector, which constitutes 70% of its revenue. This indicates the company’s intention to concentrate on various government projects and contracts for the public sector, rather than limiting itself to the field of cryptocurrency analysis.
“We remain committed to our mission of building trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses, as always.”Vice President Madeleine Kennedy