Under the harsh economic conditions of the present, Ledger, a well-known cold wallet developer, has had to lay off 12% of its workforce.
According to information reported by Bloomberg on October 5th, Ledger recently terminated 12% of its employees. In an internal company memo:
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.Ledger CEO Pascal Gauthier
The French-based company has committed to supporting and assisting the affected employees. According to information on LinkedIn, Ledger currently has 734 employees, with approximately 88 highly skilled workers affected by the layoffs.
Earlier this year, in early March, Ledger announced that it had closed an extended Series C funding round totaling $109 million, valuing the company at an impressive $1.4 billion. However, macroeconomic headwinds have posed challenges to the company’s profitability, leading to the decision to lay off personnel.
Amidst a volatile market and changing regulations in the United States, some cryptocurrency companies have announced widespread layoffs. Brian Shroder, Chairman and CEO of Binance.US, left the company in September along with over a hundred other employees. Several companies have announced layoffs in 2023. Additionally, Chainalysis, a blockchain analysis firm, recently reduced its workforce by 15%.