Pascal Gauthier, CEO and president of cryptocurrency wallet maker Ledger, announced that the company will reduce its headcount by 12%.
In a blog post dated October 5, Gauthier said He said The staff cuts were made “for the longevity of the company,” citing the 2022 bear market and the collapse of companies including FTX and Voyager Digital. According to data provided to LinkedIn, Ledger had approximately 734 employees at the time of publication, indicating that approximately 88 people may have lost their jobs.
“Macroeconomic headwinds are limiting our ability to generate revenue, and in response to current market conditions and business realities, we must reduce roles across the global business,” the CEO said. “Unfortunately, this means we are making the difficult decision to reduce 12% of roles at Ledger.”
The announcement came roughly 7 months after Ledger raised more than $109 million in a funding round, giving the company a valuation of $1.4 billion. In August, Ledger integrated its Direct platform with PayPal, allowing US residents with verified accounts on the payment app to purchase cryptocurrencies.
Related: The crypto community reacts to the Ledger wallet secret recovery phrase service
Several cryptocurrency companies have announced similar staff cuts amid an uncertain market and changes in the US regulatory environment. In September, Binance.US President and CEO Brian Schroder left the company amid layoffs of nearly 100 employees. The companies, including Nansen, Coinbase, Huobi and Crypto.com, have said they will lay off workers in 2023.
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