Crypto hardware wallet manufacturer Ledger has taken the decision to reduce its workforce by 12% in response to challenging economic conditions.
CEO Pascal Gauthier shared this news with employees, emphasizing the necessity of these actions to ensure the company’s long-term viability.
Gauthier stated, “We must continue to make decisions for the longevity of the business. Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business. Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger.”
The French-based company is keen on providing affected employees with the necessary resources to navigate their transition out of the organization.
Gauthier remains optimistic about Ledger’s future, encouraging the remaining staff to embrace their roles as leaders in the industry.
He remarked, “For the next part of our journey, know this: we will come out of this period stronger, and I’m counting on everyone at Ledger to step up as a leader.
We are in an important part of the development of our industry, and it’s our duty to act responsibly and seriously to push through these difficult times.”
Ledger offers a range of hardware wallets, including the Stax wallet, which gained attention for its collaboration with Tony Fadell, the inventor of the iPod.
Just prior to announcing the workforce reduction, Ledger made headlines by partnering with the esteemed art auction house Sotheby’s to provide its hardware wallet to top NFT collectors.