Blockchain Analytic Firm Nansen Announces 30% Layoff

• Svanevik stated that the squad’s strategy would be to perform fewer things extremely well.
• The 2019 startup Nansen has come a long way in only three short years.

The Nansen Research team that analyses blockchain data is being reduced in size by 30%. In the last year, layoffs have affected almost every crypto company. As a result of this recent action, Nansen has joined the ranks of other businesses that have reduced headcount as a result of the worsening crypto winter.

The CEO, Alex Svanevik, made the “extremely difficult decision” public on Twitter and assumed full responsibility for it.

Focus on a Few Things Extremely Well

The executive said that Nansen’s recent decision is because the firm tried to diversify into sectors that were not key to its strategy. Svanevik stated that the squad’s strategy would be to perform fewer things “extremely well.”

The 2019 startup Nansen has come a long way in only three short years since its inception. During the same time frame, the firm saw a growth in revenue diversification from both large corporations and government agencies.

However, as a result of the severe market conditions over the last year, Nansen’s cost base has increased to an unsustainable level. Therefore, the CEO has said that creating a financially stable company is a top priority.

In addition, in December 2021, Nansen closed a $75 million Series B fundraising round headed by venture finance company Accel. GIC, Andreessen Horowitz (a16z), and Tiger Global were among the other investors in the round.

The Singaporean firm debuted its Google Cloud-based ‘Nansen Query’ service in March with the intention of providing a complete data solution to crypto-focused teams and projects. The analysis predicted that the new service will increase access to data across many chains, allowing businesses to make more informed choices about their customers, products, and investments.

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