Nansen, an analytics platform for Ethereum, has reduced its staff by 30% on Tuesday, citing a brutal year for the crypto market.
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In a Twitter thread, Nansen CEO, Alex Svanevik, said the firm's cost base is "too high relative to where the company is today." He admitted the firm's balance sheet is strong enough to stay afloat for a few years, however, Nansen wants to build a "sustainable business."
Svanevik hopes the reduction will help a smaller Nansen team "focus on shipping amazing products."
Founded in 2020, Nansen raised a total of $88.2 million in four funding rounds from 44 investors so far. The firm was backed by Andreessen Horowitz, Skyfall Ventures and others.
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