According to a Tuesday statement from CEO Alex Svanevik, Nansen, a well-liked blockchain analytics platform, is reducing its personnel by 30%. The decision was made as a result of the company reevaluating its strategy and coping with the challenging circumstances of the cryptocurrency industry. Svanevik apologised for the relocation and offered to provide those who were impacted with sufficient severance pay and assistance.
Svanevik outlined the justifications for the layoffs in his tweets. He agreed that during the early years of rapid growth, the company may have overextended itself.
Nansen took on projects and sectors beyond the scope of its strategy in an effort to speculate and build in a challenging market. This led to an unsustainable value basis for the current dimension of the corporation, which was compounded by the harsh impact of the crypto market fall on their income.
In response to the layoffs, Nansen has made the decision to adjust and change course, narrowing its emphasis to a smaller range of core services and products. Svanevik stated, “The new group will do fewer things, but do them incredibly successfully. This strategy is intended to provide a more sustainable business model and a better working environment for the remaining workers.
Despite this setback, Nansen’s vision for the future is unaffected. The business is well-known for providing real-time dashboards and notifications to help cryptocurrency traders perform due diligence. It is committed to creating “a new monetary material for the world.”
Svanevik ended his speech on a positive note, promising continuing candour and pleading for patience and compassion at this trying period.