Nansen, a blockchain data analytics platform, announced that it had laid off 30% of its staff. The company said that the layoffs were necessary to “ensure the long-term sustainability of the business.”
Nansen was founded in 2020 and has raised a total of $88.2 million in funding. The company provides data and analytics to cryptocurrency investors and traders.
The layoffs come amid a slump in cryptocurrency markets. The price of Bitcoin has fallen by more than 50% since its peak in November 2021.
In a blog post, Nansen CEO Alex Svanevik said that the company had grown too quickly in the past year. He said that the layoffs were necessary to “ensure that we are best positioned to weather the current market conditions and continue to grow in the long term.”
Svanevik said that the company would continue to focus on its core products and services. He said that Nansen was “still well-funded” and had “several years of runway.”
The layoffs are a sign of the tough times that the cryptocurrency industry is facing. The industry has been hit by a number of challenges in recent months, including the collapse of the TerraUSD stablecoin and the Celsius Network.