Layoffs announced at Messari: a 15% reduction in staff
Messari Streamlines Operations, Reducing Workforce by 15%
In a move aimed at focusing more sharply on its core product lines, crypto market intelligence firm Messari has announced a 15% reduction in its workforce. The decision, made by current company head Eric Turner, reflects an effort to concentrate resources and efforts on strengthening the main offerings of the company rather than maintaining a broader workforce.
Founded in 2018, Messari has established itself as one of the most recognized research firms in the crypto industry. Known for its analytical reports on emerging sectors, pricing data, and its annual Mainnet conference in New York, the company has been delivering comprehensive market intelligence and tools for navigating the crypto economy effectively.
With this strategic move, Messari aims to become the leading provider of such services, helping both individuals and institutions navigate the complex world of cryptocurrencies with confidence and insight. The company combines deep analysis, data, news, events, and software features to support market participants in their decision-making processes.
The reduction in workforce is part of a shift in focus towards core operations. Messari raised $35 million in 2022, a funding round that valued the company at $300 million. This funding will be instrumental in supporting Messari's growth and focus on its core product lines.
The crypto industry has seen similar moves in recent times. Other prominent players such as Kraken and dYdX also made significant reductions to their teams at the end of last year. This trend is not uncommon in the industry, as demonstrated by Foundry's reduction of staff by 27%.
Notably, Ryan Selkis, the former CEO of Messari, departed in July 2024. His departure may have influenced the workforce reduction at Messari. Selkis' departure was potentially related to his controversial statements regarding an alleged attempt on Donald Trump's life. He expressed his emotions about the incident in a series of posts on social media.
Selkis' tenure at Messari saw the company raise $21 million in 2021 and $35 million in 2022. Messari has also elected not to renew some freelance contracts, a common practice at the start of a new year.
As Messari moves forward, it remains committed to its mission of providing market intelligence and tools for navigating the crypto economy. The company will continue to deliver its high-quality reports, data, and events, positioning itself as a trusted partner for market participants in the rapidly evolving world of cryptocurrencies.
[1] Source: Messari's official statement on the workforce reduction and organizational changes.
Messari, in its ongoing pursuit of enhancing efficiency, aims to utilize its latest funding to focus on strengthening the core business offerings by streamlining operations, including a reduction in the workforce. To thrive in the competitive technology-driven business environment of the crypto industry, Messari intends to combine its deep industry analysis, data, news, events, and software features to remain a trusted market intelligence partner.
