Pascal Gauthier, CEO and Chairman of Ledger, announced significant layoffs of 12% as the macroeconomic environment is challenging, particularly the impact of the 2022 bear market and the recent woes faced by cryptocurrency companies such as FTX and Voyager Digital.。

Ledger cuts jobs to tackle economic headwinds

In a blog post on October 5, Gauthier stressed that these measures are essential for "the long-term development of the business."。According to data provided by LinkedIn, Ledger had about 734 employees at the time of the announcement.。This suggests that about 88 people may have been affected by the layoffs.。

Gauthier explained: "Macroeconomic headwinds limit our ability to generate revenue and these measures are being taken to adapt the company to current market conditions and business realities.。Unfortunately, this means we have a tough decision to make - to lay off 12% of Ledger's staff.。"

Ledger successfully raised more than 1.$9 billion, and the announcement came about seven months later。The round of funding has resulted in a $1.4 billion valuation for the company.。

Addressing the challenges of the cryptocurrency market

Ledger has been aggressively expanding its services, including integrating its Live software with PayPal in August.。This integration enables US residents with a verified PayPal account to conveniently purchase cryptocurrencies through the payment app。

Ledger's recent funding success and strategic partnerships reflect its commitment to growth and innovation in the cryptocurrency space.。In addition, the company faces challenges from market volatility and economic uncertainty.。The company believes the job cuts are a necessary step to adapt to these changing environments and ensure the long-term sustainability of the business.。

Recently, many cryptocurrency companies have been laying off workers in response to market uncertainty and changes in the U.S. regulatory environment.。In September, Binance.US laid off roughly 100 employees, leading to the departure of the company's president and CEO, Brian Shroder.。Similarly, Binance, Coinbase, Huobi, and Crypto.Companies such as com have also announced plans to cut jobs in 2023.。