- Ledger had around 734 workers at the time of publishing, according to data from LinkedIn.
- The development occurred around 7 months after Ledger secured a $109M fundraising round.
Pascal Gauthier, CEO of Ledger, a producer of hardware crypto wallets, has announced a 12% reduction in employees. In a blog post published on October 5th, Gauthier said that layoffs had been made “for the longevity of the business” by noting the 2022 bear market and the failure of companies like FTX and Voyager Digital.
Ledger had around 734 workers at the time of publishing, according to data from LinkedIn; this suggests that about 88 individuals may have lost their employment.
The CEO said that the company will be cutting jobs throughout the world because “macroeconomic headwinds” were making it difficult to make a profit. Because of this, the firm had to make the painful choice to cut 12% of positions at Ledger.
The development occurred around 7 months after Ledger secured a fundraising round of about $109 million, which valued the company at $1.4 billion. Ledger enabled cryptocurrency purchases by verified PayPal users in the United States in August after the company merged its Live software with PayPal.
Amid a volatile market and shifting regulations in the United States, several cryptocurrency companies have announced widespread layoffs. Brian Shroder, president and CEO of Binance.US, departed the company in September, along with over one hundred other workers. A number of companies have announced layoffs for 2023. Moreover, Chainalysis, a blockchain analytics business, has recently reduced its workforce by 15%.
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