Blockchain analytics firm Nansen cuts headcount May 30thciting tough market conditions and excessive initial growth.
Nansen CEO Alex Svanevik said the company has cut its team by 30%.
Svanevik said last year’s situation had a “brutal” impact on the cryptocurrency market. He said Nansen recently diversified its revenues, but feels the costs are too high for its current size.
He also said that Nansen has significantly expanded the size of the team in its first few years and expanded beyond its core strategy. Svanevik said the reduced size of the team will allow Nansen to tackle less work and operate sustainably.
Other companies also cut jobs
Nansen joins several other cryptocurrency firms that have recently laid off some of their staff. Other companies doing this include Coinbase, Kraken, Crypto.com, Gemini, ConsenSys, Immutable, Protocol Labs, Huobi and Genesis.
Rival blockchain analytics firm Chainalysis was among the companies that cut jobs. It laid off less than 5% of its workforce in February.
Prior to the layoffs in the first half of 2023, there were reports that an additional 23,600 crypto workers would lose their jobs in 2022.
Post-Blockchain Analytics Firm Nansen Cuts Headcount By 30% First appeared on CryptoSlate.
