Blockchain platform for the crypto industry Nansen has announced that it will lay off 30% of its staff, citing broader difficulties in the market for cryptocurrencies and related assets, Bloomberg reports.
The company had been trying to expand its business into areas that were not at the core of its strategy, CEO Alex Svanevik noted in a statement posted on Twitter.
Having been founded in 2019, the startup’s expansion coincided with the explosion in demand for services related to crypto assets and related investments. Venture capital firms Accel, GIC and Andreessen Horowitz are among those who had backed the company with funds, according to its website.
Nansen’s core costs “are too high relative to where the company is today,” Svanevik also said. Based in Singapore, the company had 120 employees in 2022, according to data from PitchBook.
Over the past year, the cryptocurrency industry has faced a strong price pressure, which has led to a wave of bankruptcies and layoffs at companies around the world.
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