Blockchain analytics firm Nansen reduced its staff count on May 30, citing harsh market conditions and excessive early growth.
Nansen CEO Alex Svanevik said that the company has reduced its team by 30%.
Svanevik said that the last year’s conditions have had a “brutal” impact on crypto markets. He said that although Nansen recently diversified its revenues, the company experiences costs that are too high for its current operating scale.
He also said that Nansen greatly increased the size of its team during its first years and expanded beyond its core strategy. Svanevik said that with its reduced team, Nansen will work on fewer things and will operate sustainably.
Other firms have carried out layoffs
Nansen joins several other crypto firms that have recently laid off part of their staff. Other firms that have done so include Coinbase, Kraken, Crypto.com, Gemini, ConsenSys, Immutable, Protocol Labs, Huobi, and Genesis.
Chainalysis, a competing blockchain analytics firm, was also among the firms that carried out layoffs. It laid off less than 5% of its employees in February.
In advance of those layoffs in the first half 2023, some reports suggested that 23,600 crypto workers additionally lost jobs in 2022.
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