On May 30, Alex Svanevik, CEO of blockchain data platform Nansen, said: announced His company is cutting its workforce by 30%. Svanvik said the fact that his company has grown beyond its main focus and the impact of the “crypto winter” were the main reasons for the decision.
Nansen to cut workforce by a third
Blockchain data platform Nansen CEO Alex Svanevik announced on Twitter on Tuesday that the company had reached a “very difficult decision” to downsize its team. About 30% of the company’s workforce will be laid off, according to the post.
The main reasons for the decision, according to Svanevik, are the fact that Nansen has grown beyond its intended scope, and the impact of the “crypto winter,” which has severely impacted the entire digital asset industry throughout 2022. It is said that it was a combination.
Svanevik also said he took full responsibility for any mistakes he made, but emphasized that Nansen is still a “young and learning” organization. He also reaffirmed his company’s commitment to “building the best place to work in the crypto space.”
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The lingering damage caused by “Crypt Winter”.
Nansen is not the only digital asset company that has been forced to reduce its workforce due to the effects of the “crypto winter.” The first wave of major layoffs in the cryptocurrency industry has already arrived in January 2023.
Earlier this year, Digital Currency Group subsidiary Genesis, which was severely affected by the FTX outbreak, announced it would cut its workforce by 30%. Just days later, the largest publicly traded cryptocurrency exchange, Coinbase, also announced it would lay off up to 900 employees.
“Crypto Winter” has caused the collapse of several major cryptocurrency companies, starting with the LUNA collapse in May 2022, and has other serious consequences for the digital asset industry. big drop The market capitalization of the sector has declined and public interest in digital assets has cooled.
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About the author
Tim Fries is the co-founder of Tokenist. he has a bachelor’s degree He holds a bachelor’s degree in mechanical engineering from the University of Michigan and earned his MBA from the University of Chicago Booth his business school. Tim is a senior associate on the investment team in RW Baird’s U.S. Private Equity division and co-founder of Protective Technologies Capital, an investment firm that specializes in sensing, protection and control solutions.
