The prominent blockchain analytics company named Nansen has recently entered the list of entities that remained ineffective in confronting the external market conditions and decreased their workforce to maintain their existence within the industry. The platform is categorized among the top entities operating within the blockchain technology market.
Nansen Announces a Decrease of 30% in Its Workforce Due to Hard Market Conditions
In the latest development, the blockchain analytics firm has announced that it is decreasing the headcount of its employees by up to thirty percent. It seems that this move will have a huge impact on its future operations. The decrease in its workforce will additionally enable the company to cope with its expenses for a long time.
The platform has asserted that, with this decrease in the number of employees, it will guarantee that the remaining employees within its staff offer their best to cope with the demands of the consumers and to turn it into the finest entity within the crypto space. Nonetheless, the respective news has ignited a huge stir within the crypto community.
In addition to this, several people are making diverse speculations about the possible reasons behind this hard move. As per Alex Svanevik, the chief executive officer (CEO) of the blockchain analytics entity, there are many factors at the back of this decision. The CEO of the platform took to his official Twitter account to comment on this.
In his words, the respective factors are beyond the control of the company. These things compelled the platform to reduce its workforce to a great extent.
Apart from that, the executive also revealed that taking such a strict decision was a very difficult situation for the company. He also expressed regret for the employees who will soon be leaving the platform after serving it for a considerable period.
As pointed out by the CEO, a couple of prominent factors are responsible for the decrease in the workforce of Nansen. The initial factor in this respect is that the platform has acknowledged the requirement to streamline the activities thereof as well as to pay substantial attention to its chief strengths to maintain its competitiveness within the ever-evolving market.
Similarly, the executive also brought to the front that the last year proved to be very cruel for the industry. The consistent headwinds experienced by the crypto entities in the year 2022 were so hard that many platforms dismissed several of their employees to survive the extreme market conditions.
In the same vein, the blockchain analytics entity specified that it tried every possible thing that could assist it in enduring harsh circumstances.
In other words, the company attempted to diversify the revenue streams of its organizational consumers. Even then, the cost base of the company has remained extraordinary as opposed to its present position. Along with this, the platform has been going through a decline in demand for the services and products provided by it. This eventually paved the way for a huge slump in the firm’s revenue.
CEO Says Transition Assistance and Severance Packages Will Be Offered to Dismissed
Employees Moreover, the company thinks that the decision to minimize the workforce is suitable to guarantee its viability and sustainability for the long term.
While talking about the dismissed employees, the CEO claimed that severance packages would be provided to them along with transition assistance. He added that this would he assist them in navigating the hard period.
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