Blockchain analytics platform Nansen has announced the trimming of its workforce by 30%. On May 30, Nansen CEO Alex Svanevik disclosed on Twitter that the company had to make an “extremely difficult decision to reduce the size of the Nansen team.”
Full statement: pic.twitter.com/cxSTtZBiZU
— Alex Svanevik (@ASvanevik) May 30, 2023
Svanevik gave two major reasons for the reduction in Nansen’s workforce. The first was the company’s rapid scaling during its initial years of operation, which “led the organization to taking on surface area that’s not truly part of Nansen’s core strategy.”
Svanevik also cited a brutal year for crypto markets as the second reason for the layoffs. Despite efforts to diversify revenue streams through enterprise and institutional customers, Nansen’s cost base remained relatively high compared to the company’s current position. He added that although the company has “several years of runway,” its “priority is to build a sustainable business.”
The CEO said laid-off employees would be entitled to severance packages.
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