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Blockchain data analytics company Nansen Research is reducing its workforce by 30%. Layoffs have been prevalent across the cryptocurrency sector over the past year.
With this latest action, Nansen adds its name to the increasing list of firms such as Coinbase, Blockchain.com, ConsenSys, Gemini, Huobi, Polygon Labs, Elliptic, Messari, Dapper Labs, Chainalysis, and Immutable, which have all downsized their teams amid a prolonged crypto winter.
Nansen Layoff
CEO Alex Svanevik shared on Twitter the “extremely difficult decision” and accepted full accountability. The executive noted that Nansen’s efforts to branch into areas outside of the company’s core strategy did not yield the desired results. Svanevik mentioned that the team will concentrate on fewer objectives but aim to execute them “extremely well.”
“Initially, we expanded the team due to rapid growth in our early years of operation. We aimed to invest and develop in a challenging market while others were scaling back. This organic growth led the organization to engage in areas that are not genuinely part of Nansen’s core strategy.”
Nansen was established in 2019 and achieved significant growth in under three years. During this timeframe, the company experienced revenue diversification through both enterprise and institutional clients. However, due to the harsh market conditions over the past year, Nansen’s cost structure became excessively high in relation to the current state of the company. Consequently, the focus is now on establishing a sustainable business, as stated by the CEO.
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“I’m endlessly grateful to the remarkable individuals we are parting ways with. They will go on to accomplish great things, and we’ll ensure they receive a soft landing, with severance and support.”
Additionally, Nansen secured $75 million through a Series B funding round led by the venture capital firm Accel in December 2021. Other contributors to the round included GIC, Andreessen Horowitz (a16z), and Tiger Global.
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Launch of Nansen Query
In March, the Singapore-based firm introduced a new solution built on the Google Cloud platform, called ‘Nansen Query,’ which is intended to provide a comprehensive data solution for crypto-focused teams and projects.
As per the report, the new offering was anticipated to enhance multi-chain data access, helping organizations make improved decisions regarding customers, products, and investments.
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