Crypto hardware wallet maker Ledger cuts 12% of staff

Cryptocurrency hardware wallet maker Ledger is laying off 12% of its staff, citing macroeconomic headwinds and a prolonged bear market as reasons for its decision. The French company raised $109 million earlier in 2023 in a funding round to reach a valuation of around $1.4 billion.
In a letter to employees, CEO Pascal Gauthier said that the company was making the difficult decision to reduce its workforce in order to ensure its long-term sustainability. He also said that the company was committed to supporting its affected employees through the transition.
The layoffs come at a time when the cryptocurrency industry is facing a number of challenges, including a sharp decline in cryptocurrency prices and a number of high-profile hacks and scams. Ledger itself has been the target of several security breaches in recent years, most notably a 2020 data breach that affected millions of customers.
Despite the challenges, Ledger remains one of the leading cryptocurrency hardware wallet makers. The company's products are popular among investors and traders who are looking to store their crypto assets securely.
What does this mean for the cryptocurrency industry?
The layoffs at Ledger are a sign of the tough times that the cryptocurrency industry is facing. The prolonged bear market has taken a toll on many companies in the space, and some have been forced to cut staff or even shut down altogether.
However, it is important to note that Ledger is still a profitable company. The company raised $109 million in a funding round earlier this year, and it has a strong track record of innovation. The layoffs appear to be a precautionary measure to ensure that the company is well-positioned to weather the current storm.
What does this mean for Ledger customers?
Ledger has assured its customers that the layoffs will not impact its ability to support its products and services. The company said that it is committed to providing its customers with the best possible experience.
However, it is important to keep in mind that Ledger is a smaller company now. This means that it may take longer for the company to respond to customer inquiries and resolve support issues.
Conclusion
The layoffs at Ledger are a reminder of the challenges that the cryptocurrency industry is facing. However, the company remains one of the leading cryptocurrency hardware wallet makers, and it is committed to supporting its customers through the current bear market.