๐คก Oh no! Ledger, the famous crypto hardware wallet maker, is cutting 12% of its workforce due to "macroeconomic headwinds" ๐ฌ๏ธ. CEO Pascal Gauthier says it's a tough but necessary decision to ensure the company's survival in this wild crypto market ๐ข.
๐ฑ Ledger's struggles mirror the broader crypto industry's woes, with rising interest rates, strict regulations, and the collapse of once-popular sectors like NFTs ๐จ. In fact, 95% of over 73,000 NFT collections have become almost worthless ๐ตโ๐ซ.
๐ Ledger isn't alone. Other crypto firms, from big exchanges to niche service providers, are also cutting costs and downsizing. Chainalysis, a blockchain data firm, recently announced a 15% workforce reduction ๐.
๐ Ledger, founded in 2014, is known for its secure devices that store private keys for blockchain assets. Its devices are crucial, reportedly protecting 20% of all cryptocurrencies worldwide and 30% of global NFTs ๐.
๐ Despite the challenges, Ledger has shown resilience. Earlier this year, they secured โฌ100 million ($109 million) in funding, valuing the company at โฌ1.3 billion ๐ฐ. Here's hoping that Ledger and other crypto companies can weather the storm and emerge stronger ๐ช.
๐ฑ Ledger's struggles mirror the broader crypto industry's woes, with rising interest rates, strict regulations, and the collapse of once-popular sectors like NFTs ๐จ. In fact, 95% of over 73,000 NFT collections have become almost worthless ๐ตโ๐ซ.
๐ Ledger isn't alone. Other crypto firms, from big exchanges to niche service providers, are also cutting costs and downsizing. Chainalysis, a blockchain data firm, recently announced a 15% workforce reduction ๐.
๐ Ledger, founded in 2014, is known for its secure devices that store private keys for blockchain assets. Its devices are crucial, reportedly protecting 20% of all cryptocurrencies worldwide and 30% of global NFTs ๐.
๐ Despite the challenges, Ledger has shown resilience. Earlier this year, they secured โฌ100 million ($109 million) in funding, valuing the company at โฌ1.3 billion ๐ฐ. Here's hoping that Ledger and other crypto companies can weather the storm and emerge stronger ๐ช.