Ledger Reduces Workforce By 12%, Cites Macroeconomic Difficulties

Ledger CEO Pascal Gauthier announced the company will trim 12% (almost 80 employees) from the ranks of its more than 700 employees.

The Paris-based, crypto security company will consider local employment laws related to employees' departure.

What Happened: “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,” Gauthier added.

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The CEO still highlighted the company’s strong performance in the past nine years of operation wherein it sold more than 6.5 million Nanos and powered 100+ financial institutions. It currently secures more than 20% of global crypto assets.

In the first half of 2023, Ledger raised $109 million in a funding round leading to the company's total valuation of around $1.4 billion. 

Read More: Coinbase Bows Down To Macro Headwinds, To Let Go Of 950 Employees

In June 2023, Ledger launched crypto trading network technology, Tradelink, for institutional clients. With the company’s retail businesses Ledger Live and Ledger Nanos reporting significant growth, it will soon launch its subscription service Ledger Recover. This would allow users to securely back up their Secret Recovery Phrase.

It will also launch a new product, Ledger Stax soon.

Industry Layoffs: In addition to Ledger, other companies in the crypto realm have had layoffs. Recently, Blockchain analytics company Chainalysis conducted a second round of layoffs after its initial round saw a 5% reduction in workforce. Other companies that saw recent workforce reductions were Coinbase, Binance, Dapper Labs, Messari, Crypto.com, Huobi, CoinSwitch and CoinDCX.

Read Also: Binance Cuts Over 1,000 Jobs As Crypto Exchange Faces Regulatory Hurdles

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