Nansen, a blockchain analytics platform, has disclosed that it is cutting its workforce by 30%. CEO Alex Svanevik announced the decision on Twitter on May 30, citing two key reasons for the layoffs.
Svanevik attributed the downsizing to the company’s rapid expansion during the bullish market, which led to operations that were not in alignment with the company’s core strategy. The prolonged bear market in the crypto industry also affected Nansen’s revenue streams, necessitating the adjustment of the cost base and focus on creating a sustainable business model.
While multiple mass layoffs have occurred in the crypto industry, their occurrence has decreased in recent months. Genesis Trading, for example, cut down approximately 60 positions in January, reducing the company’s workforce to around 145 employees. Companies affiliated with Digital Currency Group (DCG), a leading crypto venture capital firm, also laid off over 500 employees earlier this year, due to the bearish market conditions exacerbated by the collapse of FTX.
The crypto industry continues to face challenges and adjustments as companies strive for sustainable operations amidst market fluctuations.
Compiled by Coinbold