Crypto market's brutal year, Nansen announces 30% workforce reduction.

The blockchain data platform Nansen announced a 30% workforce reduction. CEO Alex Svanevik stated that this has been a tough year for the cryptocurrency market.

The blockchain data platform Nansen has announced a 30% reduction in workforce, with CEO Alex Svanevik stating that this has been a tough year for the crypto market.

This week we announced the extremely difficult decision to reduce the size of the Nansen team.

I’m endlessly grateful to the incredible people we are parting ways with. They will go on to achieve great things, and we'll ensure they get a soft landing, with severance and support.

— Alex Svanevik 🐧 (@ASvanevik) May 30, 2023

Svanevik shared a letter to employees on his Twitter, citing two main reasons for making this difficult decision:

• Nansen initially aimed to quickly establish a strong presence in the market, but extensive expansion and investment led to the company not fully focusing on its core strategy.
• Last year was a tough one for the crypto market, and despite Nansen's efforts to diversify revenue sources, the cost structure remained too high. For the company's long-term development, the top priority now is to "build a sustainable business."

Svanevik expressed gratitude to the departing partners and assured that Nansen will provide severance pay and support to ensure a smooth transition. He described Nansen as a young and continuously learning organization, committed to transparency and helping to build a new financial structure in the world.

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Another example of a company transitioning due to the crypto bear market: Crypto venture firm Paradigm removes introductions to crypto-related companies