The company sent a letter to all employees, and reshared the announcement of the planned downsizing on its blog.
Ledger, a wallet hardware maker for crypto investors, announced on Thursday that it shall be cutting 12% of its workforce to manage through the long crypto winter.
Ledger cuts staff
The company sent a letter to all employees, and reshared the announcement of the planned downsizing on its blog.
The company’s CEO, Pascal Gauthier said: While difficult, Gauthier also cites that bear markets, such as the one the crypto market is currently facing, is an opportunity to strengthen the business.
While challenging, Gauthier also notes that periods of market decline, like the one the cryptocurrency sector is currently experiencing, present an opportunity to consolidate the company.
Read more: London Stock Exchange draws up plans for blockchain-based digital assets business: FT
According to LinkedIn, the Paris-based company has 734 employees, so a 12% cut would result in the loss of about 88 jobs. The job cut occur only a few months after Ledger revealed it had raised $109M at a valuation of roughly $1.4B.
Ledger now joins the list of crypto firms that have recently announced layoffs. Blockchain analysis firm Chainalysis recently announced a 15% cut on October 3, the same day that the Chia Network let off 26 of its own employees.
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