Though Ledger reportedly had a $1.4-billion valuation as of March 2023, its CEO announced changing market conditions necessitated staff cuts.
The wallet manufacturing firm reportedly had roughly 734 employees at the time of publication, suggesting that roughly 88 people may have lost their jobs.Pascal Gauthier, CEO and chair of hardware crypto wallet manufacturer Ledger, has announced the firm will be reducing its staff by 12%.the staff cuts had been made “for the longevity of the business”, citing the 2022 bear market and the collapse of firms including FTX and Voyager Digital.
“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,” said the CEO. “Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger.”Crypto community reacts to Ledger wallet’s secret recovery phrase service
Many crypto firms have announced similar staff cuts amid an uncertain market and changes to the U.S. regulatory environment. In September, Binance.US president and CEO Brian Shroderamid roughly 100 employees being cut. Companies including Nansen, Coinbase, Huobi and Crypto.com have all said they would have layoffs in 2023.Crypto VC: Token investing and the next bull run with Digital Wave Finance
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