We sat down with the CEO of Nansen to unpack the firm's role in the cryptocurrency ecosystem.
Public blockchains can be accessed and read by anyone, but creating meaningful insights from this data is no easy feat. Millions of transactions are recorded across a variety of chains and layer-2 protocols, creating petabytes of data daily.
Nansen CEO and co-founder Alex Svanevik chats with Cointelegraph at Nansen’s office in Singapore during Token2049 in September 2022. Nansen was formed in late 2019 to provide high-caliber analytics tools to investors delivering blockchain data and insights in real time. Svanevik admitted that the platform originally attracted sophisticated cryptocurrency traders with large holdings but has since evolved to have a 50/50 split of retail and institutional users:
“If you think about Google as a search engine, every website is public, right? But this is a huge engineering task to actually structure, curate and serve up the relevant websites for your query. I think Nansen is somewhat analogous to that. But, we also have proprietary data that we enrich the public data with, which is kind of one of the things we’re known for.”
The evolution of Nansen’s platform was a result of combining “man and machine” into processes and an architecture to compile the information. A network effect led to compounding returns, as identified wallets that have been labeled often lead to the identification of other wallets interacting with them. Ninety-nine percent of this work is still done by AI, while Nansen’s research team plays a role in connecting the dots for the remaining 1%.
The Nansen co-founder also believes that the labeling of wallets belonging to major exchanges, institutions and individuals has led to people becoming more privacy-aware. Curating, compiling and serving up information in a convenient way is the goal, which in itself raises some ideological considerations:
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