Paris, France – October 10, 2023: Crypto wallet maker Ledger is laying off 12% of its staff due to macroeconomic headwinds that are limiting its ability to generate revenue. Bloomberg reported on October 5 citing an email from the CEO to the staff. 1
The report cited Ledger CEO and Chairman Pascal Gauthier as saying in the email that they must continue to make decisions for the “longevity of the business”. 2
However, the source email announcing the layoffs reportedly sent to staff on Thursday, October 5, 2023, has not been made public.
Even Ledger has not confirmed the layoffs, but it has not denied either. The company is yet to issue a statement on the matter.
Ledger is not the only crypto company that has been forced to lay off staff in recent months. Other companies, such as Coinbase and Gemini, have also announced layoffs due to the market downturn.
The layoffs come at a time when the cryptocurrency industry is experiencing a downturn. The value of Bitcoin, the world’s largest cryptocurrency, has fallen by more than 50% this year. This has led to a decrease in demand for crypto wallets, which are used to store and manage cryptocurrencies.
- Ledger: https://www.bloomberg.com/news/articles/2023-10-05/french-crypto-wallet-maker-ledger-lays-off-12-of-staff[↩]
- Ledger: https://www.financialexpress.com/business/digital-transformation-crypto-wallet-maker-ledger-to-lay-off-12-of-staff-3264816/[↩]
