- CEO Pascal Gauthier attributed the decision to โmacroeconomic headwinds.โ
- The cryptocurrency industry has witnessed significant fluctuations in recent times, driven by regulatory changes, market volatility, and shifts in investor sentiment.
French Crypto wallet manufacturer Ledger has initiated a workforce reduction, which represents 12% of its staff, as it revealed by the company's general director, Pascal Gauthier.
Gauthier attributed the decision to โmacroeconomic headwindsโ that have limited the company's revenue-generating ability. He stated,
"In response to current market conditions and business realities, we must reduce roles across the global business."
At the time of this announcement, Ledger was headquartered in Paris and had approximately 734 employees, as noted on its LinkedIn page.
Consequently, a 12% reduction would result in the elimination of approximately 88 positions within the company.
Notably, these layoffs came just months after Ledger revealed that it had secured a significant portion of a $109 million funding round. This valued the company at approximately $1.4 billion.
12% of staff is cut to address macroeconomic obstacles
Ledger's decision to reduce its workforce reflects the challenges facing several cryptocurrency-related companies amid the evolving economic landscape.
The cryptocurrency industry has witnessed significant fluctuations in recent times, driven by regulatory changes, market volatility, and shifts in investor sentiment. These factors have collectively impacted the revenue streams of companies operating within this sector.
Gauthier emphasized that Ledger's response to these challenges involves optimizing its operations to align with changing market dynamics. The workforce reduction is part of the company's strategy to ensure its long-term sustainability and competitiveness.
Ledger is known for its hardware wallets that provide a secure means of storing cryptocurrencies offline. The company had enjoyed substantial growth in previous years as adoption of digital assets increased.
Since the creation of the Ledger Nano series, recognized for its unbeatable security with over 6 million units sold, Ledger has consistently prioritized the protection of digital assets.
