The Nansen team/ Photo credit: Nansen
Blockchain analytics platform Nansen has axed 30% of its team, CEO Alex Svanevik said, sharing that the Singapore firm grew too fast too quickly.
In a Twitter post, Svanevik also shared that 2022 was one of the most difficult years for crypto. Last year saw the sudden crash of Sam Bankman-Fried’s FTX, while CoinGecko’s annual crypto report showed that spot crypto trading volume deflated by 67.3% from the start of the year through December.
However, the CEO said Nansen has “several years of runway” and is focused on building a “sustainable business.” Nansen most recently raised funding in 2021, securing US$75 million from investors like 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.
Nansen was touted as the “Bloomberg for digital assets,” helping crypto investors make informed decisions through its intelligence platform. Companies like OpenSea, Polygon, and Google currently use its platform.
The company is the latest crypto firm to reduce its workforce following a major downturn in the sector. It joins companies like Polygon Labs, which cut 20% of its staff, and Coinbase, which let go of 950 employees in January.
See also: Pudgy Penguins’ comeback story in a volatile NFT bear market
Editing by Jaclyn Tiu
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