Ledger lays off 12% of staff, citing ‘macroeconomic headwinds’

Pascal Gauthier, CEO and president of hardware crypto wallet maker Ledger, announced that the company will reduce its staff by 12%.

In an October 5 blog post, Gauthier saying The staff cuts were made “for the longevity of the business,” citing the 2022 bear market and the collapse of companies like FTX and Voyager Digital. According to data from LinkedIn, Ledger may have had around 734 employees at the time of publication, suggesting that approximately 88 people may have lost their jobs.

"Macroeconomic headwinds are limiting our ability to generate revenue and, in response to current market conditions and business realities, we must reduce roles across the global business," the CEO said. "Regrettably, this means we are making the difficult decision to reduce 12% of positions at Ledger."

The announcement came approximately seven months after Ledger raised more than $109 million in a financing round, giving the company a valuation of $1.4 billion. In August, ledger integrated its Live software with PayPal, allowing US residents with verified accounts on the payment app to purchase cryptocurrency.

Related: Crypto Community Reacts to Ledger Wallet Secret Recovery Phrases Service

Many crypto companies have announced similar staff cuts amid an uncertain market and changes in the US regulatory environment. In September, Binance.US President and CEO Brian Shroder left the signature amid the layoffs of approximately 100 employees. Nansen, Coinbase, Huobi and Crypto.com have also said they will face layoffs in 2023.

Magazine: 'Account Abstraction' Powers Ethereum Wallets: Beginner's Guide