Nansen cuts staff 30% amid 'brutal' year for crypto

Blockchain data platform Nansen has cut 30% of its employees amid what CEO Alex Svanevik called a "brutal" year for crypto markets.

"This has been a tough day for us at Nansen," he wrote Tuesday on Twitter, stating that the company had scaled too quickly and spread into areas that were not part of the its core strategy. "Our cost base is too high relative to where the company is today."

Svanevik said the company still had several years of runway.

"I’m endlessly grateful to the incredible people we are parting ways with," he wrote.