Cryptocurrency security company Ledger has resorted to mass layoffs due to macroeconomic developments.
Ledger CEO Pascal Gauthier announced that the company’s staff was downsized for its sustainability:
We are having difficulty generating revenue due to macroeconomic challenges and are forced to reduce our global workforce due to both market conditions and the realities of the business world. Unfortunately, this means we have made the difficult decision to cut Ledger employees by 12%.
According to Linkedin data at the time of the announcement, the company had approximately 734 employees. This could mean approximately 88 Ledger employees are laid off.
The collapse of the cryptocurrency exchange FTX increased investors’ interest in Ledger. The company developed hardware wallets Thanks to this, investors can keep their crypto money in safe places.
As a result of the investment tour it organized at the beginning of this year, Ledger $109 million collect and $1.4 billion had obtained a valuation.
The bear market and legal developments in the cryptocurrency industry have led many companies to decide on mass layoffs. Binance, the largest cryptocurrency exchange, in the summer period laid off more than 1,000 employees.