Crypto research firm Messari has reduced its workforce by 15%, shifting focus to core operations, according to The Block.
“We made certain changes to our organizational structure earlier this week to streamline the business and significantly accelerate the growth we’ve been seeing across our core product lines,” company head Eric Turner told the publication.
A source familiar with the situation added that Messari also elected not to renew some freelance contracts—common practice at the start of a new year.
Founded in 2018, Messari is one of the crypto industry’s most recognized research firms, known for analytical reports on emerging sectors, pricing data, and its annual Mainnet conference in New York.
In 2021, Messari raised $21 million, followed by $35 million in 2022 at a valuation of $300 million.
Former CEO Ryan Selkis had aimed to hire 1,000 analysts, but he departed in July 2024.
It’s likely the decision was related to Selkis’ statements concerning an alleged attempt on Donald Trump’s life. Per CoinDesk, he reacted emotionally to the incident in a series of posts and reiterated certain immigration views championed by the U.S. presidential candidate’s movement.
Layoffs are not uncommon in the crypto industry: earlier in December, major mining pool Foundry cut its staff by 27%—from 274 to 200 employees.
Context
- At the end of last year, prominent players such as Kraken and dYdX also made significant reductions to their teams.
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