- Ledger is the latest crypto company to lay off employees.
- The company cited “macroeconomic headwinds.”
- In contrast, the company is experiencing growth across some of its products.
Crypto hardware wallet manufacturer Ledger is the latest company to lay off employees as market uncertainty persists in the nascent digital assets industry.
According to an announcement dated October 5, CEO Pascal Gauthier sent a letter to all Ledger employees, informing them of the necessity to reduce roles in the company, terming it a difficult decision “for the longevity of the business.”
12% of Employees Axed
Per the CEO’s letter, Ledger’s Management and People team has decided to cut down 12% of roles in the company, a move that will affect around 88 people, given that the company’s global business has about 734 employees, according to data from LinkedIn.
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“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. Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger,” the letter read.
The CEO noted that Ledger being an important part of the development of the crypto sector, the company had an obligation to “act responsibly and seriously” to push through the current market challenges and retain its position as a category leader in the industry.
Challenges Amid Growth?
The October 5 letter to Ledger employees might not be received well by the interested parties as the language used is likely an embodiment of double-speak, probably to make the harsh business reality more palatable or instill confidence among investors and business partners.
While the CEO acknowledges present market difficulties while citing the collapse of prominent crypto firms, such as FTX and Voyager Digital, as the reason behind “macroeconomic headwinds,” contrastingly, he says Ledger’s retail business “has never been more exciting.”
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Gauthier confirmed that the company has experienced increased usage, revenue, and transactional volume within its Ledger Live product. He also lauded a “better distribution than ever” business for Ledger Nanos, with wholesale expansion deals into the UAE, Australia, Germany, and India.
Stay updated on Ledger’s partnership with PayPal:
PayPal and Ledger’s Collab Simplifies Crypto Purchases in U.S.
Read more about Ledger’s controversial Recovery Service:
Ledger Recovery Service Rollout Screeches to a Halt. Too Little Too Late?
