Blockchain analytics firm Chainalysis cut its workforce by 20% Thursday, laying off 39 employees, per a CoinDesk report.
The layoffs affect positions across the company, with the research and development teams bearing the brunt, according to the firm's director of communications Maddie Kennedy. Chainalysis now has a total of 155 employees left.
Kennedy told CoinDesk that the trim came as Chainalysis is seeking to be on the "path to profitability." The firm will now focus on developing its products and go-to-market strategy, said Kennedy.
The layoffs follow a slew of recent hires by the firm. In early November, Chainalysis appointed three new executives to its business development team, including Chief Revenue Officer, Vice President of Public Sector, and Vice President of Americas. In June, the firm also onboarded former Chief of Strategic Advancement at the Financial Crimes Enforcement Network (FinCEN) Michael Mosier as its Chief Technical Counsel.