Pascal Gauthier, the CEO and chairman of Ledger, a hardware crypto wallet manufacturer, has revealed plans to reduce the company's workforce by 12%. In an October 5 blog post, Gauthier explained that these layoffs are being undertaken to ensure the long-term sustainability of the business. He cited the challenges posed by the bear market in 2022 and the failures of companies like FTX and Voyager Digital as contributing factors.
Based on LinkedIn data, Ledger currently employs approximately 734 people, implying that around 88 individuals may face job cuts as a result of this decision. Gauthier emphasized that the adverse macroeconomic conditions have constrained Ledger's revenue generation capabilities. To adapt to the current market environment and business realities, the company has made the tough decision to reduce its workforce.
Just seven months ago, Ledger successfully raised over $109 million in a funding round, valuing the company at $1.4 billion. In August, Ledger integrated its Live software with PayPal, enabling verified U.S. residents to purchase cryptocurrencies through the payment app. Ledger's decision to downsize its workforce aligns with a broader trend in the cryptocurrency industry, as various companies have announced layoffs in response to market uncertainties and changes in U.S. regulatory dynamics. Notable names like Binance.US, Nansen, Coinbase, Huobi, and Crypto.com have also disclosed plans to reduce their workforce in 2023.
