Nansen slashed its staff strength because of the current uncertain market situation.
Nansen is a popular crypto & blockchain analytic firm that provides a platform for users to utilize tools and dashboards to gain access to in-depth, on-chain information. In 2019, this platform was founded by Alex Svanevik, Lars Bakke Krogvig, and Evgeny Medvedev.
On 30 May 2023, Nansen CEO Alex Svanevik announced that the blockchain firm reduced 30% of the workforce and it was a very difficult decision.
Nansen took this decision because of two main reasons, which are unnecessary big staff & market situations.
Alex explained that the firm hired huge numbers of talents in the early phase to give a better boost to services and also achieved success, as many enterprises & Institutions are using Nansen blockchain analytic tools.
Furthermore, Alex CEO said that Crypto 2022 saw several downfalls but still Nansen’s financial position is better to run the operations for several years but still it is necessary to keep the position always sustainable.
Earlier this, In Feb 2023, the popular crypto analytic platform Chainalysis reduced its staff by 5%.
Over the last 6 months, several top crypto firms like Coinbase, Kraken, Crypto.com, Gemini, ConsenSys, Immutable, Protocol Labs, Huobi, and Genesis reduced their workforce to reduce their expenses.
Because of bad market situations, the majority of the crypto firms are not trying to put a hand in new business or new services, instead, they are focussing to increase their existing core business in order to increase net revenue.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.