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Crypto Custody Firm Ledger Cuts 12% of Staff
The company cited macroeconomic headwinds limiting the company's ability to drive revenue as a reason for the cuts.
Ledger, the crypto wallet hardware maker, is laying off 12% of its staff, according to an announcement from the company's CEO, Pascal Gauthier.
The story was first reported by Bloomberg.
STORY CONTINUES BELOW
“Macroeconomic headwinds are limiting our ability to generate revenue," wrote Gauthier. “In response to the current market conditions and business realities, we must reduce roles across the global business.”
The Paris-based company has 734 employees, according to LinkedIn, so a 12% cut would mean the elimination of roughly 88 jobs. The cuts come just months after Ledger announced it had raised most of a $109 million funding round at around a $1.4 billion valuation.
Job losses have become the norm across the crypto industry during this bear market. Earlier this week, blockchain analytics firm Chainalysis laid off 15% of its staff.
Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
