Blockchain analytics firm Nansen cuts staff by 30% amidst cryptocurrency market slump

05/30 17:05

Blockchain data analytics platform Nansen has announced a 30% reduction in its workforce due to the ongoing slump in cryptocurrency markets. Prior to the cuts, the company employed between 51 and 200 staff, allowing it to analyse more than 100 million wallets across blockchains like Polygon and Ethereum. The company's CEO, Alex Svanenik, said that the rapid expansion of employees alongside fast-growing crypto markets had resulted in too high of a "cost base." Despite the cuts, Nansen still has several years of runway as it looks to build a sustainable operation, having raised a total of $88.2 million over four funding rounds.
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