Nansen, a popular blockchain analytics platform, is reducing its workforce by 30%, according to a Tuesday announcement from CEO Alex Svanevik.
The decision comes as a result of the company reassessing its strategy and coping with the harsh conditions of the crypto market.
Svanevik expressed his regret over the move and promised to offer ample severance and support to those affected.
In his tweets, Svanevik explained the reasons behind the layoffs. He acknowledged that the company may have overextended itself during the initial years of rapid growth.
Aiming to invest and build during a tough market, Nansen took on projects and areas not central to its strategy. This, combined with the brutal impact of the crypto market downturn on their revenue, resulted in an unsustainable cost base for the current size of the company.In the face of these layoffs, Nansen is determined to adapt and pivot, streamlining its focus to a narrower range of core products and services. "The new organization will do fewer things, but do them extremely well," Svanevik wrote. This approach is hoped to create a more sustainable business model and a better working environment for the remaining staff.
Despite this setback, Nansen's future vision remains intact. The company, renowned for providing real-time dashboards and alerts that help crypto investors perform due diligence, is committed to building "a new financial fabric for the world".
Svanevik concluded his message on a hopeful note, pledging continued transparency and requesting patience and compassion during this challenging time.