Blockchain analytics platform Nansen said it is laying off 30 per cent of its workforce, citing broader difficulties in the crypto market.

The firm had tried to expand into business areas that were not core to the company’s strategy, Nansen CEO Alex Svanevik said in a statement posted on Twitter. Founded in 2019, the startup’s expansion coincided with a boom in demand for crypto asset services and investment. Venture capital firms Accel, GIC and Andreessen Horowitz are among those to have backed the company, according to its website.

Nansen’s “cost base is too high relative to where the company is today,” Svanevik said in the statement, adding that the business has “several years of runway” left. Headquartered in Singapore, the firm had around 120 employees last year, according to data from PitchBook. 

Over the past year, the cryptocurrency sector has been dealing with an ongoing rout in prices which has triggered a wave of bankruptcies, layoffs and company failures across the globe. Bloomberg