Ledger, a Paris-based crypto hardware wallet manufacturer, cut 12% of their employees 😢. Reason? Prolonged macroeconomic conditions and bear market. Who would have thought, this company would reach a valuation of $1.4 billion after raising $109 million in funding in early 2023.
This news was announced by Ledger CEO, Paul Gauthier, in a letter sent to employees. According to him, Ledger had gained many customers after large companies such as FTX, Voyager, and Silicon Valley Bank (SVB) collapsed.
However, current market conditions make it difficult for Ledger to generate revenue, so it has to cut employees.
Ledger isn't the only crypto company to make cuts. Several other companies doing something similar in 2023 include Dapper Labs, Messari, Crypto.com, Huobi, CoinSwitch, and CoinDCX.
How do you think these cuts will impact the crypto industry? Come on, discuss it in the comments column! 👇
This news was announced by Ledger CEO, Paul Gauthier, in a letter sent to employees. According to him, Ledger had gained many customers after large companies such as FTX, Voyager, and Silicon Valley Bank (SVB) collapsed.
However, current market conditions make it difficult for Ledger to generate revenue, so it has to cut employees.
Ledger isn't the only crypto company to make cuts. Several other companies doing something similar in 2023 include Dapper Labs, Messari, Crypto.com, Huobi, CoinSwitch, and CoinDCX.
How do you think these cuts will impact the crypto industry? Come on, discuss it in the comments column! 👇