- CEO Pascal Gauthier attributed the decision to “macroeconomic headwinds.”
- The crypto industry has witnessed significant fluctuations in recent times, driven by regulatory changes, market volatility, and changing investor sentiments.
French Crypto wallet maker Ledger has initiated a workforce reduction, which amounts to 12% of its workforce revealed by the company’s CEO, Pascal Gauthier.
Gauthier attributed the decision to “macroeconomic headwinds” that have limited the company’s ability to generate revenue. He claimed,
“In response to current market conditions and business realities, we must reduce roles within global business.”
At the time of this announcement, Ledger was based in Paris and had approximately 734 employees, as indicated on their LinkedIn page.
Consequently, a 12% reduction would translate into the elimination of approximately 88 positions within the company.
Notably, these layoffs occurred just a few months after Ledger announced that it had secured a significant portion of a $109 million funding round. This valued the company at approximately $1.4 billion.
12% of the workforce had to adapt to the macroeconomic headwinds
Ledger’s decision to downsize its workforce reflects the challenges several crypto-related companies are facing in the evolving economic landscape.
The crypto industry has witnessed significant fluctuations in recent times, driven by regulatory changes, market volatility, and changing investor sentiments. These factors have collectively affected the revenue streams of companies operating in this sector.
Gauthier emphasized that Ledger’s response to these challenges includes streamlining its operations to align with evolving market dynamics. The workforce reduction is part of the company’s strategy to ensure long-term sustainability and competitiveness.
Ledger is known for its hardware wallets that provide a secure way to store cryptocurrencies offline. The company had seen substantial growth in recent years as digital asset adoption soared.
Starting with the creation of the Ledger Nano series, known for its unbeatable security with over 6 million units sold, Ledger has consistently prioritized protecting digital assets.