Singapore based blockchain data analytics firm, Nansen, has announced a 30% reduction in staff on Tuesday (30th May). The layoff came as a decision to cut costs during a bearish outlook for the overall crypto markets, as stated by CEO Alex Svanevik. The news of layoffs comes despite the company receiving $75 million in financing in 2021, led by prominent VCs such as Tiger and A16z.
Alex Svanevik tweeted,
“It has been a tough day at the company. This week we announced the extremely difficult decision to reduce the size of the Nansen team,”.
He attributes the layoffs to fast employee growth, resulting in high capital expenditure. Alex believes it is time to make some changes in the organization to focus their attention on growth. “We believe we need to make organizational changes to create the right conditions for those who stay with us,” Svanenik added.
As per Svanevik, the company is strong enough financially to continue and become a sustainable business in the future.
Nansen’s Initial Period
According to LinkedIn, Nansen was founded in 2020 and hired around 51 to 200 employees. The company has raised a total of $88.2 million over four funding rounds over the years, led by crypto investment firms such as L1 Digital and Old Fashion Research.
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