As many businesses in the crypto market are facing a wave of layoffs due to market conditions, blockchain analytics firm Nansen on May 30 announced a 30% cut in the number of employees. staff for the same reason.
Nansen CEO Alex Svanevik said crypto market conditions from last year have had serious consequences for the entire industry. Although the company recently diversified its revenue streams, Nansen still incurs costs that are too high for the current scale of operations.
The CEO said Nansen grew its team size in its early years and expanded beyond its core strategic operations fairly quickly. Therefore, the reduction of personnel is suitable with the current situation in order to maintain operations in a sustainable way.
Not only Nansen, several other crypto companies have recently laid off some of their employees, including Coinbase, Kraken, Crypto.com, Gemini, ConsenSys, Immutable, Protocol Labs, Huobi, and Genesis.
Blockchain analytics firm Chainalysis is also among the companies conducting layoffs, with around 5% of employees losing their jobs in February.
Prior to the layoffs in the first half of 2023, some reports said around 23,600 crypto employees had lost their jobs by 2022.
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