Messari Layoffs

Cryptocurrency data site Messari has laid off approximately 15% of its staff, CEO Eric Turner told The Block in a direct message.

> “We made some changes to our organizational structure earlier this week to streamline the business and double down on the growth we’ve seen across our core product lines,” Turner said. The company has seemingly not yet publicized the news.

The 15% figure accounts for “full-time” employees impacted by the downsizing. A source familiar with the situation mentioned that the company also decided not to renew a number of contractors, which is a common practice at the beginning of the new year.

This move comes amid a recent wave of layoffs in the crypto industry, including at U.S.-based exchange Kraken, Axie Infinity game developer Sky Mavis, and stablecoin issuer Paxos. CoinDesk, a competitor of The Block and Messari, has undergone multiple rounds of layoffs since being purchased by the Bullish crypto exchange, recently affecting three senior editors.

Founded in 2018, Messari is one of the most popular blockchain research firms. The company publishes analytical reports on emerging crypto sectors, provides pricing data, and hosts an annual conference called Mainnet in New York City.

Founder Ryan Selkis led the firm until this past year, following several caustic incidents on social media. He expressed controversial opinions during the 2016 U.S. election, engaging in multiple online arguments about immigration, cancel culture, and other political topics. Selkis is known for supporting Donald Trump’s re-election and has made appearances at a Mar-a-Lago gala.

> “This week was the first week in 6.5 years that my politics and rhetoric put the team in harm’s way,” Selkis stated on X. “As such, I have decided to step aside as CEO.”

Turner, who previously served as vice president of market intelligence at Messari, was promoted to chief executive following Selkis’ decision to step down. Selkis described his terminal discussions with the firm as “tough love.”

At one point during his tenure, Selkis aimed to hire 1,000 analysts. Messari was valued at $300 million during a $21 million capital raise in 2022. Major financial backers of the firm include Steve Cohen’s Point72 Ventures, hedge fund giant Brevan Howard, and Mike Novogratz‘s Galaxy Digital.

Note: Messari is a competitor of The Block.