Ledger Employees Get Sacked As Staff Reductions Continue

Ledger, one of the most prominent crypto wallet providers worldwide, has become the latest player in the industry to reduce its workforce due to the deepening impact of the ongoing bear market. This decision follows a series of staff reductions at other prominent crypto and blockchain firms this month.

On October 5th, Ledger CEO Pascal Gauthier communicated to the employees that the company had to make a challenging choice to cut 12% of its workforce. Gauthier emphasized the need for focus during these challenging times and pointed to macroeconomic factors, the ongoing crypto bear market, and the aftermath of multiple collapses last year as reasons for this decision.

Ledger reportedly employs approximately 734 individuals, which implies that up to 88 people might be affected by the layoffs. Gauthier expressed confidence that the company would emerge stronger going forward and highlighted the strong sales performance of its crypto wallets. In March, Ledger announced a successful $109 million Series C funding round, valuing the company at $1.4 billion.

Additionally, Ledger has faced a series of controversies and mishaps in recent years, including significant server breaches that exposed the personal information of several customers, leading to many hacks and digital exploits.

Elsewhere, Chainalysis, a blockchain analytics provider, laid off 15% of its workforce (approximately 135 employees) on October 3rd due to unfavorable market conditions and reduced demand for its commercial products.

Chia Network also reduced its workforce by a third, cutting 26 out of 70 employees this month. Binance.US let go of a third of its staff in September due to regulatory pressures and the winding down of its American operations.