Crypto Custody Company Ledger Cuts 12% of Staff

The company cited macroeconomic headwinds limiting the company's ability to grow revenue as the reason for the cuts.

Ledger, a maker of crypto wallet hardware, is laying off 12% of its staff, according to an announcement from the company's CEO, Pascal Gauthier.

This story was first reported by Bloomberg.

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“Macroeconomic headwinds limit our ability to generate revenue,” Gauthier wrote. “In response to current market conditions and business realities, we must reduce our role in global business.”

The Paris-based company has 734 employees, according to LinkedIn, so a 12% cut would mean the elimination of about 88 jobs. The cuts come just months after Ledger announced it had raised the majority of a $109 million funding round at a valuation of about $1.4 billion.