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

Companies • May 30, 2023, 11:41AM EDT
UPDATED: May 30, 2023, 12:39PM EDT
The Block

Quick Take

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

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.

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


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About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

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