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Ledger, a maker of hardware for crypto wallets, has announced a 12% decrease in its personnel as part of an effort to adjust to changing market circumstances. The choice was made, according to CEO Pascal Gauthier, since the business struggles to generate income due to macroeconomic circumstances.
According to Gauthier, “Macroeconomic headwinds are limiting our ability to generate revenue.” Ledger is forced to reduce its global staff as a result of the current market conditions and the reality of its business environment.
According to LinkedIn, Ledger, which has its headquarters in Paris, presently has 734 experts working there. An overall drop of 12% results in the loss of about 88 jobs. This action comes after Ledger recently announced that it had received a sizeable share of a $109 million fundraising round, which valued the business at about $1.4 billion.
It’s important to note that Ledger is not the first company in the crypto sector that have decided to reduce staff numbers during the current bad market. Just this week, the blockchain analytics company Chainalysis also revealed a 15% employment cut.
Companies have had to rethink their plans and make the required modifications to ensure long-term survival as a result of the difficult economic environment in the crypto sector. The proactive attitude of Ledger demonstrates its dedication to surviving the storm and coming out stronger in the face of market uncertainty.