The trend of cutbacks in tech sector and firms has continued since the start of the current year. Various tech bigwigs have decided to enforce downsizing. The crypto sector has absorbed the shock waves generated from the collapse of the FTX exchange.
It seems that more crypto enterprises are still dealing with the financial repercussions of the aftereffects. In the same manner, crypto analytics firm Nansen has decided to let go of its 30% workforce.
On the other hand, the firm has also shared the resolution to preserve and cherish their existing workforce. These changes are incorporated to ensure that the firm continues to offer the best services to the clients.
At the same time, Nansen is also determined to create the best workplace environment. It is worth noting that Nansen is a crypto analytics firm that is in the startup phase. The firm has talked about a 30% cutback in the human resource that has hit the crypto community with a shock.
Alex Svanevik is the CEO of Nansen who has shared the main reason behind the cutbacks. His latest tweets inform that these cutbacks are enforced on account of various factors that are influenced by external forces.
At the same time, he also maintained that downsizing was a difficult decision for the firm. On the other hand, the crypto community at large has continued to speculate about the reasons behind these cutbacks.
A recent article published by TechCrunch has listed all major tech firms that have gone the same route. The CEO has maintained that the firm is determined to offer a good severance package and transition assistance to help its former employees.
The list includes some the of biggest names such as Google, Amazon, Microsoft, Meta, LinkedIn, Shopify, Dropbox, Lyft, Apple, Netflix, GitHub, Disney, Accenture, Twitch, Twitter, Yahoo, Zoom, Dell, Pinterest, PayPal, Spotify, Alphabet, Coinbase, and Vimeo.
All of these firms have had once or various downsizing sessions since the start of 2023. The list also includes a slew of tech startups such as Y Combinator and SoFi Technologies. Svanevik has maintained that the past year has been challenging for the crypto sector which has led to layoffs.
At the same time, he claimed that there is a declining trend in demand for the services that has led to revenue decline.
Coinbase CEO Declares Cryptocurrency Regulations as a Matter of National Security
Coinbase CEO Brian Armstrong has recently shared his take on the matter of crypto sector development in the United States. He claimed that the current environment has created the necessity of increasing hostility towards the crypto sector.
However, he urged the policymakers to consider that crypto can play an important role in preserving the position of the country as the financial leader in the world. He has continued to emphasize the necessity of regulatory clarity from the regulatory agencies on various occasions.
During his latest interview, he said that if crypto firms are pushed offshore it may lead to the loss of the innovation edge of the nation. He also declared cryptocurrency preservation as a matter of national security.
As per the CEO, USD has operated as the gatekeeper of international finance since 1958; the era coincided with Defense Advanced Research Projects. He pointed out that at present; an economic powerhouse like China is supporting the digital asset sector while America and other nations with democratic values are working against it.
He also highlighted other strong economies such as Brazil, UAE, UK, EU, Japan, and Singapore that have retained a friendly stance towards local crypto sectors.