Ledger CEO Pascal Gauthier announces a 12% workforce cut, citing challenging macroeconomic conditions and recent industry struggles.
Ledger’s CEO and Chair, Pascal Gauthier, has announced a major 12% personnel reduction. The difficult macroeconomic climate—which included the effects of the bear market in 2022 and the recent difficulties faced by cryptocurrency companies like FTX and Voyager Digital—was cited as the reason for the decision to reduce positions.
Ledger Uses Layoffs to Address Economic Headwinds
Gauthier stressed in a blog post dated October 5 that these steps were necessary “for the longevity of the business.” At the time of the announcement, Ledger employed about 734 people, according to data that was available on LinkedIn. It implies that approximately 88 people may have been impacted by the layoffs.
“Macroeconomic headwinds are limiting our ability to generate revenue,” said Gauthier. To bring the company into compliance with the present business reality and market conditions, these actions are necessary. Sadly, this means we are having to make the painful choice to cut 12% of the roles at Ledger, he continued.
About seven months have passed since Ledger’s fundraising round, which saw it successfully raise over $109 million. As a result, the company was valued at $1.4 billion.
Overcoming Difficulties in the Crypto Market
Ledger has been aggressively growing its offering. In August, they will integrate PayPal with their Live software as part of their extended offering. Thanks to this integration, Americans with legitimate PayPal accounts may now easily buy cryptocurrency using the payment app.
Ledger’s dedication to expansion and innovation in the cryptocurrency field is demonstrated by its recent financial successes and strategic alliances. The corporation has also had to deal with difficulties brought on by unstable markets and uncertain economic conditions. Reductions in staff are considered an essential measure to adjust to these changing circumstances and guarantee the company’s long-term viability.
Due to changes in the legal environment in the United States and market uncertainty, many bitcoin companies have recently cut back on staff. Brian Shroder, the company’s president and CEO, left Binance.US in September after about 100 employees were let go. Similar to this, companies that have declared plans to reduce employees in 2023 include Nansen, Coinbase, Huobi, and Crypto.com.
