Nansen, a blockchain data analytics platform, announced on Tuesday that it is laying off 30% of its staff. The company, which was founded in 2020, employs between 51 and 200 people, according to LinkedIn data.
The layoffs come amid a continuing slump in cryptocurrency markets. The price of Bitcoin, the largest cryptocurrency by market capitalization, has fallen by more than 70% from its all-time high of $68,789, which it reached in November 2021.
In a blog post, Nansen CEO Alex Svanevik said that the company had “made a mistake in hiring too fast” during the bull market. He said that the layoffs were necessary to “create the right conditions for those who stay with us.”
Despite the layoffs, Svanevik said that Nansen still has several years of runway. The company has raised a total of $88.2 million over four funding rounds, led by crypto investment firms such as L1 Digital and Old Fashion Research.
The layoffs at Nansen are a sign of the times for the crypto industry. The industry is facing a number of challenges, including the ongoing slump in cryptocurrency prices, increased regulatory scrutiny, and the collapse of several high-profile crypto projects.