Cryptocurrency research firm Messari has laid off around 15% of its full-time employees as part of an organizational restructuring.

CEO Eric Turner confirmed the cuts, which also included not renewing contracts for several contractors.

The company aims to focus on its core product lines, though no public statement has been made regarding the layoffs.

This move aligns with broader job cuts in the cryptocurrency sector. Other companies like US crypto exchange Kraken, Axie Infinity developer Sky Mavis, and stablecoin provider Paxos also reducing their workforces.