Layoffs Impact Messari, Reducing Staff by 15 Percent
In a move echoing similar adjustments across the crypto sector, Messari, the renowned crypto research firm, announced a 15% workforce reduction in early 2023. This decision was primarily driven by broader industry challenges and the need to streamline operations in a difficult crypto market environment.
The reduction in staff is part of a broader trend observed in the crypto industry, with many firms adapting to market downturns and tightening budgets following periods of rapid growth. Companies like Kraken and dYdX have also made significant reductions to their teams at the end of last year.
The layoffs at Messari are not an isolated incident. Earlier in December, Foundry reduced its staff by 27%, from 274 to 200 employees, citing similar reasons of market volatility and the need for operational efficiency.
Messari, known for its analytical reports on emerging sectors, pricing data, and its annual Mainnet conference in New York, was founded in 2018 and has since become one of the most recognized research firms in the crypto industry.
In 2021, Messari raised $21 million, and in 2022, it secured an additional $35 million, bringing its valuation to $300 million. The changes to the workforce are aimed at streamlining the business and accelerating growth, as stated by Eric Turner, the company head.
While the specific reasons for the workforce cut have not been explicitly detailed, they are likely to include factors such as market volatility impacting business forecasts and funding availability, a strategic refocus on core products and services, and efforts to maintain financial stability while preparing for future growth opportunities.
It's worth noting that the departure of Ryan Selkis, the former CEO of Messari, in July 2024 may have been related to his statements concerning an alleged attempt on Donald Trump's life, as reported by CoinDesk. However, this event does not appear to be directly linked to the workforce reduction in early 2023.
[1] Source: CoinDesk [2] Source: Decrypt
- Amidst the crypto industry's ongoing adjustments to market downturns, Messari's decision to streamline operations by reducing its workforce by 15% is a reflection of the broader trend seen in businesses like Kraken, dYdX, and Foundry.
- In an attempt to accelerate growth and maintain financial stability, Messari, a well-established research firm in the crypto industry with significant investments and a strong focus on technology, is restructuring its business, partially due to challenges in the crypto-finance sector.
