Staff reductions of 15% at Messari announced.
In the ever-evolving world of cryptocurrencies, two prominent research firms, Messari and Kraken, have recently undergone staff reductions. These changes, which took place in 2022 and 2023, were primarily influenced by broader market conditions and the crypto industry's volatility.
Messari, one of the most well-known research firms in the cryptocurrency industry, announced a 15% reduction in its staff. This restructuring was aimed at optimizing the business and accelerating growth in core products. Messari CEO Eric Turner confirmed these changes to The Block.
The company, which publishes analytical reports on emerging areas of the crypto industry, provides pricing data, and hosts the annual Mainnet conference in New York, did not renew contracts with some full-time staff and freelancers.
Similarly, Kraken, a major crypto exchange with research functions, made significant staffing adjustments. In late 2022 and during 2023, the company reduced its workforce considerably, including cuts in research and analytics teams. These moves were largely due to a downturn in crypto markets, regulatory uncertainties, and Kraken’s effort to streamline operations and preserve cash flow during a prolonged bear market in crypto assets.
These staffing changes reflect a larger trend of cryptocurrency companies recalibrating staffing levels in response to a challenging macroeconomic and regulatory setting post the 2021 crypto boom. This environment has forced many to optimize resources, mitigate risks associated with market volatility, and refocus business strategies to ensure long-term sustainability.
In 2021, Messari raised $21 million, and in 2022, the company raised another $35 million at a $300 million valuation. However, detailed official announcements or reports from these two firms on staffing changes in 2022 and 2023 are sparse or not publicly available.
Staff reductions are a common occurrence in the crypto industry, with companies such as dYdX also conducting layoffs in late 2022.
It's worth noting that Ryan Selkis, the former CEO of Messari, left his post in July 2024. His departure may have been potentially influenced by his emotional reaction to the attempted assassination of Donald Trump, as evidenced by a series of posts he made on the subject. Ryan Selkis was known for expressing anti-immigration views associated with the movement supporting Donald Trump's presidential candidacy.
These developments underscore the ongoing challenges faced by the cryptocurrency industry as it navigates a complex and volatile landscape. As the market evolves, it will be interesting to see how these firms and others adapt and continue to contribute to the growth and understanding of the cryptocurrency space.
Technology-driven solutions within the finance and business sectors have become essential as Messari, a prominent cryptocurrency research firm, had to make a 15% staff reduction in 2023, focusing on optimizing the business and propelling growth in core products. Kraken, a significant crypto exchange, also underwent extensive staffing adjustments in the same period, mainly due to a downturn in crypto markets and the company's desire to streamline operations. These restructurings reflect the ongoing challenges in the cryptocurrency industry as it seeks sustainable growth within a complex and volatile market landscape.
