Blockchain data firm Nansen cuts headcount by almost 50, CEO says

What they're saying: Svanevik, via a spokesperson, otherwise pointed Axios to the statement he shared on Twitter: "We wanted to invest and build in a tough market when others needed to scale back."

• "This organic growth led the organization to taking on surface area that's not truly part of Nansen's core strategy."
• "The new org will do fewer things, but do them extremely well."

Flashback: The startup was something of a VC darling during the recent crypto boom and Svanevik in late 2021 was looking to build aggressively to its team of 55 as the firm looked to roll out new products in adjacent categories.

• Of note: Nansen's LinkedIn account, which recently showed a team of 155 people, suggests that in a little over a year its team ballooned 180%-plus.

The big picture: Firms across the industry have been slimming down since this time last year, from major crypto exchanges like Coinbase and Gemini to custodians like Anchorage Digital and other data firms like Messari and Chainalysis.