Pascal
Gauthier, the CEO and chair of Ledger has announced a significant staff
reduction of 12%. The decision to cut positions was attributed to the
challenging macroeconomic environment, particularly the impact of the 2022 bear
market. As well as the recent struggles faced by cryptocurrency firms like FTX
and Voyager Digital.
In
a blog post on October 5, Gauthier emphasized that these measures were
essential “for the longevity of the business.” Based on available
data from LinkedIn, Ledger had approximately 734 employees at the time of the
announcement. It suggests that around 88 individuals might have been affected
by the layoffs.
Gauthier
explained that “macroeconomic headwinds are limiting our ability to
generate revenue.” These steps are required to align the company with the
current market conditions and business realities. He added, “Sadly, this
means we are making the difficult decision to reduce 12% of the roles at
Ledger.”
This
announcement came roughly seven months after Ledger successfully raised more
than $109 million in a funding round. It resulted in a valuation of $1.4
billion for the company.
#JUSTIN: #Ledger, a company making hardware wallets for #crypto investors, will lay off 12% of its workforce as it conserves resources to weather a protracted industry downturn.
“Macroeconomic headwinds are limiting our ability to generate revenue,” Pascal Gauthier (CEO) said. pic.twitter.com/AU8cxS1oFE
— Cryptic (@CrypticWeb3_) October 5, 2023
Navigating Challenges in the
Cryptocurrency Market
Ledger has been actively
expanding its services. Their expanded service includes integrating its Live
software with PayPal in August. This integration allowed residents in the
United States with verified PayPal accounts to purchase cryptocurrencies
conveniently through the payment app.
Ledger’s
recent funding success and strategic partnerships reflect its commitment to
growth and innovation in the cryptocurrency
space. However, the company has also faced the challenges posed by market
volatility and economic uncertainties. The staff reductions are seen as a
necessary step to adapt to these evolving conditions and ensure the long-term
sustainability of the business.
Numerous cryptocurrency companies have
recently reduced their workforce in response to market uncertainties and shifts
in the U.S. regulatory landscape. In September, around 100 employees were let
go at Binance.US, leading
to the departure of the company’s president and CEO, Brian…
