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Alex Svanevik, CEO of blockchain data platform Nansen, tweeted that the Nansen team has decided to lay off 30% of its workforce.
Alex Svanevik explained the two reasons for this decision: Firstly, Nansen scaled up the team on the back of breakneck growth in our first years of operating. The team wanted to invest and build in a tough market when others needed to scale back. However, this organic growth led the organization to taking on surface area that's not truly part of Nansen's core strategy.
Secondly, the past year has been brutal for crypto markets. Despite diversifying revenue streams via enterprise and institutional customers, Nansen's cost base remains too high relative to its current position. While Nansen has several years of runway, their priority is to build a sustainable business.
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