Ledger trims teams as crypto winter continues

Surfin Bitcoin Ledger Pascal Gauthier

Pascal Gauthier, CEO Ledger and Charles Guillemet, CTO Ledger, during Surfin’Bitcoin 2022 – RoyalsBlue.com ©

The bear market and macroeconomic difficulties forced the crypto wallet manufacturer Ledger à dismiss an part of its employees.

Thursday, Ledger has announced that it is cutting 12% of its workforce in order to ensure the company’s long-term future.

Macroeconomic difficulties are limiting our ability to generate revenues and, in response to current market conditions and commercial realities, we need to reduce roles […] Unfortunately, this means we are making the difficult decision to reduce positions by 12%,” wrote Ledger’s boss in a letter to employees.

Pascal Gauthier added that the company had already weathered several crypto winters. “Although difficult, bear markets can also be an opportunity to strengthen our activities, our links with each other, our working methods and our determination,” he explained.

Founded in 2014 in Paris, Ledger is one of the leading manufacturers of hardware wallets for cryptocurrencies. Earlier this year, the company raised €100 million in Series C funding.

“Investors have once again demonstrated their validation as we are one of the only companies to raise significant capital in the first half of 2023, while maintaining our valuation,” said Gauthier.

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On Tuesday, the French industrialist announced a partnership with the American auction house Sotheby’s.

Over the past 18 months, major web3 players have massively laid off staff in order to cope with the fall in crypto-currency prices and the craze for these new technologies.

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