Nansen, a well-known blockchain analytics platform, has announced a reduction in its workforce by 30%, as stated in a recent announcement by CEO Alex Svanevik on Tuesday.
The decision to reduce the workforce at Nansen stems from the company’s reassessment of its strategy and the challenging conditions of the cryptocurrency market. CEO Alex Svanevik expressed his regret regarding this move and assured affected employees that they would receive generous severance packages and support.
Nansen CEO lays down reason for the layoff
In his tweets, Svanevik provided explanations for the layoffs, acknowledging that the company may have expanded too rapidly during its initial years of rapid growth. Nansen’s decision to undertake projects and ventures outside its core strategy during a difficult market period, coupled with the adverse impact of the crypto market downturn on its revenue, led to an unsustainable cost structure for its current size.
In response to the layoffs, Nansen is committed to adapting and refocusing its efforts on a more targeted range of core products and services. CEO Alex Svanevik emphasized the company’s determination to excel in a narrower scope, stating that the new organization will prioritize quality over quantity. This strategic shift aims to establish a sustainable business model and cultivate a better work environment for the remaining employees.
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
Despite the current setback, Nansen remains steadfast in its long-term vision. The company, known for its provision of real-time dashboards and alerts that assist cryptocurrency investors in conducting thorough research, aspires to build a “new financial fabric for the world.” Svanevik’s message concluded in an optimistic tone, assuring stakeholders of continued transparency and requesting understanding and empathy during this challenging period.