Crypto Custody Firm Ledger Cuts 12% of Staff

The company cited macroeconomic headwinds limiting the company's ability to drive revenue as a reason for the cuts.

AccessTimeIconOct 5, 2023 at 5:34 p.m. UTC

Ledger, the crypto wallet hardware maker, is laying off 12% of its staff, according to an announcement from the company's CEO, Pascal Gauthier.

The story was first reported by Bloomberg.

  • Ledger Removes 'Malicious Version' of Connect Kit; Why Is Meme Coin BONK Surging?
    01:48
    Ledger Removes 'Malicious Version' of Connect Kit; Why Is Meme Coin BONK Surging?
  • Ledger Didn't See Sales Uptick Significantly Following Binance's $4.3B Fine, CEO Says
    00:48
    Ledger Didn't See Sales Uptick Significantly Following Binance's $4.3B Fine, CEO Says
  • Ledger CEO on 2024 Expectations, Future of Wallet Recovery Service
    12:52
    Ledger CEO on 2024 Expectations, Future of Wallet Recovery Service
  • Sam Bankman-Fried Will Testify; Crypto Wallet Maker Ledger Officially Rolls Out 'Recover'
    02:20
    Sam Bankman-Fried Will Testify; Crypto Wallet Maker Ledger Officially Rolls Out 'Recover'
  • “Macroeconomic headwinds are limiting our ability to generate revenue," wrote Gauthier. “In response to the current market conditions and business realities, we must reduce roles across the global business.”

    The Paris-based company has 734 employees, according to LinkedIn, so a 12% cut would mean the elimination of roughly 88 jobs. The cuts come just months after Ledger announced it had raised most of a $109 million funding round at around a $1.4 billion valuation.

    Job losses have become the norm across the crypto industry during this bear market. Earlier this week, blockchain analytics firm Chainalysis laid off 15% of its staff.

    Edited by Stephen Alpher.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Lyllah Ledesma

    Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


    Read more about