Crypto wallet maker Ledger cuts 88 jobs amid market challenges
- CEO Pascal Gauthier attributed the decision to “macroeconomic headwinds.”
- The crypto industry has witnessed significant fluctuations in recent times, driven by regulatory changes, market volatility, and shifting investor sentiments.
French Crypto wallet maker Ledger has initiated a workforce reduction, amounting to 12% of its staff, as revealed by the company’s CEO, Pascal Gauthier.
Gauthier attributed the decision to “macroeconomic headwinds” that have constrained the company’s revenue generation capabilities. He stated,
“In response to the current market conditions and business realities, we must reduce roles across the global business.”
At the time of this announcement, Ledger was based in Paris and had approximately 734 employees, as indicated on their LinkedIn page.
Consequently, a 12% reduction would translate to the elimination of roughly 88 positions within the company.
Notably, these layoffs occurred just a few months after Ledger disclosed that it has secured a significant portion of a $109 million funding round. This valued the company at approximately $1.4 billion.
12% of staff trimmed to navigate macroeconomic headwinds
Ledger’s decision to downsize its workforce reflects the challenges faced by various crypto-related businesses amid the evolving economic landscape.
The crypto industry has witnessed significant fluctuations in recent times, driven by regulatory changes, market volatility, and shifting investor sentiments. These factors have collectively impacted the revenue streams of companies operating within this sector.
Gauthier emphasized that Ledger’s response to these challenges involves streamlining its operations to align with the evolving market dynamics. The reduction in the workforce is part of the company’s strategy to ensure its long-term sustainability and competitiveness.
Ledger is known for its hardware wallets that provide a secure means of storing cryptocurrencies offline. The firm had enjoyed substantial growth in previous years as the adoption of digital assets surged.
Beginning with the creation of the Ledger Nano series, renowned for its unbeatable security with over 6 million units sold, Ledger has consistently prioritized safeguarding digital assets.