Nansen will cut staff by 30% due to the “cruel” 2022 in the cryptocurrency market

Analyst company Nansen will lay off 30% of employees due to difficulties in the cryptocurrency market. About it wrote CEO Alex Svanevik on Twitter.

“It was a tough day for us at Nansen. We have announced a 30% reduction in our team. We will have to part ways with the incredible people who, through their hard work, intelligence and creativity, have contributed to the development of [компании]”, he wrote in his address.

Svanevik named two reasons for this decision. In its early years, the company expanded its team, which is “not part of Nansen’s core strategy”, so the decision was made to downsize where “the organization will do fewer things, but do them very well.”

The second reason he called the “cruel” last year in the cryptocurrency market. Nansen’s costs are higher than the company can afford, he said. “Our priority is to build a sustainable business,” Svanevik emphasized.

Bloomberg with reference to PitchBook data writesthat Nansen headquarters in Singapore had about 120 employees last year.

In December 2022, Chinese journalist Colin Wu pointed outthat since the beginning of the year, cryptocurrency companies have laid off over 10,000 of their employees. According to his estimates, more than 40 exchanges, investment companies and developers have reduced from 1 to 80% of the staff. According to the journalist, the largest reduction in personnel in percentage terms was noted at the Crypto.com exchange (about 40% of employees), Kraken (30%), Coinbase (18%).