Ledger, the creator of crypto wallet hardware, is downsizing its workforce by 12%, CEO Pascal Gauthier revealed in an announcement.
Citing macroeconomic challenges as a hindrance to revenue generation, Gauthier emphasized the need to adapt to current market conditions and business realities, prompting a reduction in roles globally.
“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. Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger,” Gauthier stated.
Ledger had an estimated 734 employees before the current job-cut announcement. The 12% cut translates to approximately 88 job eliminations.
This move follows Ledger’s recent funding success, securing the majority of a $109 million round at a valuation of approximately $1.4 billion.
“Ledger Enterprise’s secure, certified, insured and auditable platform solves governance and security at scale for the financial institutional market. With over 100 customers securing billions in value we are seeing strong traction for Ledger Enterprise today,” Gauthier added.
The statement further added, in response to the recent crises of lack-of-governance and trust, we are adding TRADELINK, a trading network built with the participation of regulated custodians, with over 20+ partners already signed on.
Job cuts have become commonplace in the crypto industry amidst the prevailing bear market, with other companies like Chainalysis also announcing a 15% reduction in their workforce earlier this week.
