Messari, a well-known cryptocurrency market intelligence platform, has laid off 15% of its full-time staff in response to ongoing challenges in the crypto sector.
According to CEO Eric Turner, this decision was part of a strategic restructuring to streamline the company and focus on the growth of its core product lines.
Messari’s decision mirrors a broader trend in the crypto industry, with several prominent firms also downsizing their workforce.
Companies like Kraken, Paxos, and Sky Mavis, the developer behind the popular game Axie Infinity, have all been affected by similar cuts.
Messari's decision to reduce its team follows a difficult period for the industry, which has seen layoffs become commonplace as companies aim to adjust to shifting market conditions.
According to a source familiar with the situation, Messari has also opted not to renew several contractor positions, a standard practice at the beginning of the year.
The company has not made a public announcement regarding these changes, but the impact on full-time staff is significant.
CEO Eric Turner, who took over from founder Ryan Selkis last year, described the layoffs as a necessary step to ensure the company remains agile and efficient.
Eric Turner, who was Messari's first employee in 2018, now serves as the company's CEO.
Turner said,
"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."
Messari, founded in 2018, has established itself as a leader in the blockchain research space, publishing analytical reports and offering pricing data.
The company is also known for its annual conference, Mainnet, held in New York City.
Despite the layoffs, Messari’s focus on its core products and market research appears to be central to its long-term strategy.
Ryan Selkis, Messari’s founder, stepped down as CEO in 2024 following a series of highly publicised social media controversies.
Selkis, known for his outspoken political views and support for former President Donald Trump, admitted that his rhetoric had put the company and its employees at risk.
In a post on X (formerly Twitter), he stated,
“This week was the first week in 6.5 years that my politics and rhetoric put the team in harm’s way.”
Selkis’ comments, including one where he said he hoped Trump’s opponents would "die in a f-----g fire," led to his decision to step aside as CEO.
Turner, who previously served as Messari’s Vice President of Market Intelligence, took over the leadership role after Selkis’ departure.
He described the transition as one marked by “tough love,” reflecting the strained nature of Selkis’ exit from the company.
Messari’s layoffs are part of a larger wave of job cuts across the tech and crypto sectors.
According to the independent layoffs tracker Layoffs.fyi, over 150,000 jobs were cut across 545 tech companies in 2024, with the trend continuing into 2025.
Among the other companies to announce layoffs are fintech firm Altruist, which recently reduced its workforce by 10%, and Aqua Security, which laid off dozens of employees as part of a strategic reorganisation.
These layoffs highlight the continuing difficulties in the crypto and tech industries, with many companies being forced to streamline their operations due to uncertain market conditions.
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