Layoffs at Ledger: Hardware Crypto Wallet Manufacturer Takes Measures to Streamline Its Workforce

Crypto News– Ledger, the French hardware crypto wallet provider, has become the latest casualty of the deepening bear market in the crypto industry, following in the footsteps of several other notable blockchain and cryptocurrency companies that have also initiated layoffs this month.

Layoffs at Ledger: Hardware Crypto Wallet Manufacturer Takes Measures to Streamline Its Workforce

On October 5, Ledger’s CEO, Pascal Gauthier, addressed the company’s employees in a letter, conveying the challenging decision to reduce their workforce by 12%. Gauthier emphasized the need for focus during these trying times, stating, “Ledger has weathered multiple bear markets, and it’s precisely during these most challenging days that we must maintain our focus.”

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.

Pascal Gauthier

According to data from LinkedIn, Ledger employs approximately 734 individuals, which means that the layoffs could impact as many as 88 people.

Gauthier attributed this decision to the overarching macroeconomic climate, the ongoing crypto bear market, and the repercussions stemming from the collapses witnessed in the crypto industry last year. In a significant move earlier this year, Ledger secured $109 million in a Series C funding round, pushing its valuation to $1.4 billion.

However, Ledger has been embroiled in a series of crises and controversies over the past few years. These issues include severe server breaches that exposed the personal information of thousands of customers, leading to a wave of hacks and attacks on Ledger users. Additionally, Ledger’s Ledger Recover service, which allowed third-party access to stored seed phrases, faced widespread criticism from industry experts.

In April, Ledger faced criticism once again, this time for promoting a necklace product as part of the Ledger Nano X OnChain crypto wallet.