Benzinga - Blockchain analytics firm Nansen announced that it has reduced its staff count by 30% as a result of harsh market conditions.
What Happened: This comes as several other crypto firms including Coinbase, Kraken, Crypto.com, and Gemini have also recently laid off part of their staff.
According to Nansen CEO Alex Svanevik, the last year’s conditions have had a “brutal” impact on crypto markets.
Although the company recently diversified its revenues to mitigate potential risks, Svanevik noted that the costs associated with its current operating scale were still too high.
Svanevik also pointed out that Nansen had greatly increased the size of its team during its first years and expanded beyond its core strategy. With the reduced team, the company will now focus on fewer things and operate sustainably.
This week we announced the extremely difficult decision to reduce the size of the Nansen team.I'm endlessly grateful to the incredible people we are parting ways with. They will go on to achieve great things, and we'll ensure they get a soft landing, with severance and support.
— Alex Svanevik