Nansen Becomes The Latest Crypto Firm To Announce Staff Cuts — Will Let Go 30% Of Workforce

Blockchain analytics firm Nansen announced that it has reduced its staff count by 30% as a result of harsh market conditions. 

What Happened: This comes as several other crypto firms including Coinbase, Kraken, Crypto.com, and Gemini have also recently laid off part of their staff.

According to Nansen CEO Alex Svanevik, the last year’s conditions have had a “brutal” impact on crypto markets. 

Although the company recently diversified its revenues to mitigate potential risks, Svanevik noted that the costs associated with its current operating scale were still too high.

Svanevik also pointed out that Nansen had greatly increased the size of its team during its first years and expanded beyond its core strategy. With the reduced team, the company will now focus on fewer things and operate sustainably.

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Why It Matters: In addition to Nansen’s layoffs, Protocol Labs, Huobi, Genesis, and ConsenSys have also recently let go of staff.

Apex crypto Bitcoin BTC/USD is struggling to reach $28,000 levels as macroeconomic conditions and regulatory challenges continue to haunt the market. At the time of writing, BTC was trading at $27,659.45, down 1.13% in the last 24 hours, according to Benzinga Pro.

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