According to CEO Alex Svanevik, the Singapore-based company Nansen, a blockchain analytics platform, has laid off 30% of its staff because it expanded too quickly.
Svanevik added that 2022 was one of the most challenging years for cryptocurrency in a tweet. Sam Bankman-Fried’s FTX experienced a sudden crash in value last year, and according to CoinGecko’s annual crypto report, spot cryptocurrency trading volume declined by 67.3% from January through December.
The CEO noted that Nansen has “several years of runway” and that it is concentrating on creating a “sustainable business.” The most recent funding round for Nansen took place in 2021 when it received US$75 million from backers including Accel, Andreessen Horowitz, and GIC.
“A reduction of 30% of our team is significant. But we believe we need to make organizational changes to create the right conditions for those who stay with us,” Svanevik wrote.
With its intelligence platform, Nansen was dubbed the “Bloomberg for digital assets,” assisting cryptocurrency investors in making wise choices. Google, Polygon, and OpenSea are some businesses that currently use its platform.
After a significant downturn in the industry, the company is the most recent cryptocurrency company to reduce its workforce. It joins organizations like Polygon Labs, which reduced its workforce by 20%, and Coinbase, which fired 950 workers in January.
A blockchain analytics platform called Nansen assists investors in making wise choices regarding project research, due diligence, and trading.
