Ledger, the prominent hardware crypto wallet manufacturer, is set to cut its workforce by 12%, according to an announcement by CEO and chair Pascal Gauthier on October 5th.
As Gauthier explained in a blog post, the decision aims to ensure the company’s long-term sustainability, citing the challenges of the 2022 bear market and the recent collapse of major players in the crypto industry, such as FTX and Voyager Digital.
Based on information gleaned from LinkedIn, Ledger appeared to employ approximately 734 individuals at the time of the announcement. This suggests that around 88 employees may be affected by the staff reduction.
Gauthier remarked:
Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business.
He expressed regret over the decision, saying, “Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger.”
Ledger’s Recent Achievements
This development comes about seven months after Ledger successfully raised over $109 million in a funding round, pushing the company’s valuation to $1.4 billion.
In August, Ledger integrated its Live software with PayPal, enabling residents in the United States with verified accounts to purchase cryptocurrencies through the payment app.
Ledger’s decision to downsize its workforce is not unique in the crypto industry. Numerous other crypto companies have also announced staff cuts amid uncertain market conditions and evolving U.S. regulatory measures.
In September, Binance.US, led by President and CEO Brian Shroder, saw approximately 100 employees lose their jobs. Additionally, firms like Nansen, Coinbase, Huobi, and Crypto.com have all announced plans for layoffs in 2023.
The crypto industry’s recent challenges, including market volatility and regulatory scrutiny, have undoubtedly put pressure on many companies.
Ledger’s move to reduce its workforce appears to be a strategic response to navigate these turbulent waters and secure its position in the evolving crypto landscape.
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