Nansen, a blockchain analytics platform, has stated its decision to execute a 30% deduction in workforce. Alex Svanevik, CEO, Nansen, tweeted on May 30, 2023, about it being an “extremely difficult decision to reduce the size of the Nansen team,” as stated by Cointelegraph.
According to Cointelegraph, Svanevik informed that the reason behind Nansen’s decision is the company’s scaling during its starting years. It’s believed that Svanevik also highlighted bad conditions surrounding crypto markets as another reason. Reportedly, Nansen’s cost of operations remained high with regard to company’s current position.
Based on Cointelegraph’s information, Svanevik mentioned that despite Nansen being at receiving end of “several years of runway,” its “priority is to build a sustainable business.” Svanevik added that laid-off employees would get severance packages.
Moreover, Cointelegraph noted that crypto industry has been impacted by layoffs. Although, from what it’s understood, they have reduced in recent times. In January, 2023, Coinbase, a cryptocurrency exchange, informed about its decision to ensure a 20% reduction in workforce.
(With insights from Cointelegraph)
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