Crypto

Hardware cryptocurrency wallet company Ledger lays off staff

Hardware cryptocurrency wallet company Ledger lays off staff

The company has let go of 12% of its workforce amid economic insecurity

The CEO and chairman of hardware cryptocurrency wallet manufacturer Ledger, Pascal Gauthier, recently announced that the company will be downsizing its staff by 12%. Ledger users might want to consider alternatives in case the figure grows.

In a blog post from October 5, Gauthier said the staff layoffs have been made “for the longevity of the business,” noting the 2022 bear market and the recent collapse of other companies, including Voyager Digital and FTX. Ledger is thought to have had about 734 employees at the time of the blog post, meaning that approximately 88 people may have lost their jobs, based on data from LinkedIn.

“Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business,” said Gauthier. “Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger.”

The layoff announcement comes about seven months after Ledger’s latest funding round raised in excess of $109 million, putting the company’s valuation at $1.4 billion. Ledger also integrated its Live software with PayPal in August, permitting US customers with verified accounts to buy cryptocurrencies on the platform.

Several other crypto firms have announced comparable staff reductions during recent times of an uncertain market and current changes to the US regulatory landscape. Binance US president and CEO Brian Shroder left the firm in September after the company cut roughly 100 employees from its staff. Coinbase, Nansen, Huobi and Crypto.com have all announced that they will also reduce their staff in 2023.

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