Nansen lays off 30% of its workforce

Nansen CEO cited two reasons for the layoffs, including an overly aggressive hiring phase during the bull market and the extended bear market cryptography that followed.

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Blockchain analytics platform Nansen has announced a 30% reduction in its workforce. On May 30, Nansen CEO Alex Svanevik revealed on Twitter that the company had to make an "extremely difficult decision to downsize the Nansen team."

Full statement: pic.twitter.com/cxSTtZBiZU

— Alex Svanevik (@ASvanevik) May 30, 2023

Svanevik gave two main reasons for Nansen's downsizing. The first was the company's rapid scaling in its early years of operation, which "resulted in the organization taking up space that is not really 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 corporate and institutional clients, Nansen's cost base has remained relatively high compared to the company's current position. He added that although the company has "many years of trail", its "priority is to build a sustainable business".

The CEO said the terminated employees would be entitled to severance packages.

Related: Crypto Layoffs Slow as Layoffs Fall to 570 in February

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