Blockchain data analytics firm Nansen Research is cutting its workforce by 30%. Layoffs have been widespread across cryptocurrency companies in the past year.
After the latest move, Nansen joins the growing list of companies such as Coinbase, Blockchain.com, ConsenSys, Gemini, Huobi Polygon Labs, Elliptic, Messari, Dapper Labs, Chainalysis, Immutable, etc. that have cut back staff amid the crypto winter surge.
Nansen Levy
CEO Alex Svanvik announce He tweeted “very difficult decision” and took full responsibility. The CEO noted that Nansen’s attempt to expand into areas of business that were not core to the company’s strategy had backfired. Svanjek added that the team will focus on targeting fewer things but doing them “extremely well”.
“First, we scaled the team on the back of rapid growth in our early years of business. We wanted to invest and build in a tough market when others needed to downsize. This organic growth led the organization to grab surface areas that weren’t really part of Nansen’s core strategy. “.
Nansen was founded in 2019 and has gained massive traction in less than three years. During the same period, the company witnessed diversification of revenue through corporate and institutional clients. However, due to the brutal market situation last year, Nansen’s cost base has risen quite significantly compared to where the company is today. As a result, the priority is to build a sustainable business, according to the CEO.
“I am endlessly grateful to the wonderful people we are parting with. They will go on to achieve great things, and we will ensure they have a soft landing, with class and support.”
Besides, Nansen raised $75 million through a Series B funding round led by venture capital firm Accel in December 2021. Other participants in the round include GIC, Andreessen Horowitz (a16z) and Tiger Global.
Launch Nansen Query
In March, the Singapore-based company launched a new solution built on the Google Cloud platform, dubbed “Nansen Query,” designed to offer a comprehensive data solution for crypto-focused teams and projects.
According to the report, the new offering was expected to improve access to multi-chain data, and help entities make better decisions for customers, products, and investments.
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