Ledger CEO and president Pascal Gauthier announced that the hardware crypto wallet maker will reduce staff by 12%.
In an Oct. 5 blog post, Gauthier stated that staff cuts were being made for the longevity of the business and cited the 2022 bear market and the collapse of companies like FTX and Voyager Digital as examples. According to data provided to LinkedIn, Ledger had approximately 734 employees at the time of publication, indicating that approximately 88 people may have lost their jobs.
“Macroeconomic headwinds are limiting our ability to generate revenue and we must reduce roles in the global business in response to current market conditions and business realities,” Gauthier said. “Unfortunately, this means we have to make the decision to reduce 12% of roles at Ledger.”
This announcement comes nearly 7 months after Ledger's funding round, which raised more than $109 million at a valuation of $1.4 billion. In August, Ledger integrated its Live software with PayPal, allowing United States citizens with verified accounts on the payment app to purchase cryptocurrencies.
With an uncertain market and changes in the US regulatory environment, many crypto companies have announced similar staff cuts. In September, Binance.US president and CEO Brian Shroder left the company amid layoffs of nearly 100 employees. Companies like Nansen, Coinbase, Huobi, and Crypto.com have all said there will be layoffs in 2023.
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In an Oct. 5 blog post, Gauthier stated that staff cuts were being made for the longevity of the business and cited the 2022 bear market and the collapse of companies like FTX and Voyager Digital as examples. According to data provided to LinkedIn, Ledger had approximately 734 employees at the time of publication, indicating that approximately 88 people may have lost their jobs.
“Macroeconomic headwinds are limiting our ability to generate revenue and we must reduce roles in the global business in response to current market conditions and business realities,” Gauthier said. “Unfortunately, this means we have to make the decision to reduce 12% of roles at Ledger.”
This announcement comes nearly 7 months after Ledger's funding round, which raised more than $109 million at a valuation of $1.4 billion. In August, Ledger integrated its Live software with PayPal, allowing United States citizens with verified accounts on the payment app to purchase cryptocurrencies.
With an uncertain market and changes in the US regulatory environment, many crypto companies have announced similar staff cuts. In September, Binance.US president and CEO Brian Shroder left the company amid layoffs of nearly 100 employees. Companies like Nansen, Coinbase, Huobi, and Crypto.com have all said there will be layoffs in 2023.
Magazine: 'Account abstraction' makes Ethereum wallets super-fast: Beginner's guide