Crypto Company Ledger Confirms Plans to Lay Off 12% of Its Staff

• Crypto hardware wallet provider Ledger, said the job cuts were due to the bear market and the collapse of FTX and Voyager.
• Despite the job cuts, Gauthier claimed Ledger was making progress and had some impressive plans for the future.
• Several crypto companies have announced job cuts as part of their plans to survive the bear market.

Pascal Gauthier, CEO of crypto hardware wallet provider Ledger, confirmed on Thursday that the company is laying off 12% of its staff due to several economic factors, such as the bear market and the collapse of prominent firms such as Voyager and Bankman-Fried’s FTX.

Gauthier shared the news in a blog post where he wrote that “macroeconomic headwinds are limiting our ability to generate revenue” and that “in response to the current market conditions and business realities, we must reduce roles across the global business.”

Ledger’s job cut is likely to have affected around 88 employees since the company’s LinkedIn data suggests that it employs around 734 workers. Interestingly, Gauthier said the decision would ensure “the longevity of the business.”

Gauthier wrote to Ledger employees:

For the next part of our journey, know this: we will come out of this period stronger, and I’m counting on everyone at Ledger to step up as a leader. We are an important part of the development of our industry, and it’s our duty to act responsibly and seriously to push through these difficult times.

Leading Hardware Wallet Maker Ledger to Lay Off 12% of Work Force – When Will the Crypto Winter End?

— Mikaela (@mikaelaess) October 5, 2023

The company’s CEO also reassured staff that Ledger had made significant progress recently, despite the decision to lay off employees. He told employees that Ledger had seen “increased usage, revenue, and transactional volume within Ledger Live.”

Gauthier added that Ledger has better distribution for Ledger Nanos and has “exciting new products and services to come, including Ledger Recover and Ledger Stax.”

Ledger Recover is a subion service that “will enable millions to securely back up their secret recovery phrase”

Gauthier, in the blog post, claimed Ledger Nanos is currently available in more stores globally, with a strong presence in India, Germany, Australia, and the UAE.

Thursday’s announcement comes months after Ledger raised over $109 million and attained a $1.4 billion valuation. Furthermore, Ledger integrated its Live software with PayPal in August, making it possible for U.S. users with verified PayPal accounts to purchase cryptocurrency.