Nansen cuts 30% of staff to reduce costs
Nansen, which is a platform that analyzes blockchain data, has announced a reduction in its workforce by 30% on Tuesday. This move is an attempt to cut costs due to the ongoing decline in the cryptocurrency markets.
The company was founded in 2020 and before the reduction, it employed somewhere between 51 and 200 people, according to LinkedIn data. With this workforce, Nansen was able to analyze over 100 million wallets across blockchains such as Polygon and Ethereum for clients such as Bloomberg, The Block, and cryptocurrency-focused funds like Polychain.
The CEO of Nansen, Alex Svanenik, stated that the rapid expansion of employees during the early stages of Nansen’s growth in the fast-growing crypto market was not the best decision. This resulted in a high “cost base.”
Svanenik added, “We believe we need to make organizational changes to create the right conditions for those who stay with us.”
Despite the workforce reduction, Svanevik stated that the company still has several years of runway as it aims to develop a sustainable operation. Over the years, Nansen has raised a total of $88.2 million through four funding rounds, led by cryptocurrency investment firms such as L1 Digital and Old Fashion Research, according to Crunchbase data.
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Edited by Stephen Alpher.