Key Takeaways




CEO stated that Nansen’s rapid expansion during its initial years resulted in the company diversifying its operations beyond its core focus. 



Firm claims to still have several years of runway



CEO highlights that the company’s cost base remained relatively high compared to its current position.




Blockchain data platform Nansen has recently made the difficult decision to reduce its workforce by 30%, according to CEO Alex Svanevik. In a tweet on May 30, Svanevik acknowledged the challenging year for crypto markets and admitted that the company had scaled too quickly, leading it to venture into areas that were not aligned with Nansen’s core strategy.



The CEO outlined two primary reasons for the layoffs. Firstly, Nansen’s rapid expansion during its initial years resulted in the company diversifying its operations beyond its core focus. 



Svanevik took full responsibility for this and assured stakeholders that the restructured organization would refocus on its key competencies. He stated that the goal now is to streamline operations to help achieve greater efficiency and excellence by focusing on fewer areas of expertise.



The second reason for the downsizing was the harsh market conditions experienced by the crypto industry over the past year. The CEO stated that despite Nansen’s efforts to diversify revenue streams by targeting enterprise and institutional customers, the company’s cost base remained relatively high compared to its current position.




Full statement: pic.twitter.com/cxSTtZBiZU — Alex Svanevik