Nansen has decided to cut its staff strength by letting 30% of its employees go. The decision was made for the company to adjust its operations relative to its vision and the current realities of the crypto industry.
Nansen is a blockchain analytics platform that provides on-chain data and insights to crypto investors and teams. It was founded in 2019 by Alex Svanevik. Nansen offers a variety of features, including wallet analysis, token analysis, market analysis, and more
Nansen is used by a variety of crypto investors, including individuals, hedge funds, and venture capital firms. It has been praised for its comprehensive data and insights, as well as its user-friendly interface.
From expansion to focusing on the core
Alex said that the first reason for the cut is for Nansen to streamline its operations and focus on its core mission. He noted that the initial growth and expansion of Nansen were borne out of a need to “invest and build in a tough market when others needed to scale back.”
However, the CEO added that this led to the company doing more than what it was expected to do with more people working at Nansen. “I take full responsibility for this as CEO. The new org will do fewer things but do them extremely well.”
He also noted that the harsh conditions in the industry are another reason for the reduction. “Although we’ve seen diversification of revenues via enterprise and institutional customers in the last year, our cost base is too high relative to where the company is today.”
He assured that all the employees leaving Nansen will be given all the support they need in terms of severances as they move on. He also noted that having a smaller team will help Nansen “focus on shipping amazing products our customers love.”