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Ledger, a Crypto Custody Firm, Implements 12% Workforce Reduction

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Oct 7, 2023 at 02:04 pm

In response to persistent macroeconomic challenges impacting revenue generation, Ledger, a prominent manufacturer of cryptocurrency wallet hardware, has unveiled a comprehensive plan for a strategic workforce optimization. The announcement came directly from the CEO, Pascal Gauthier, and was initially reported by Bloomberg.

Gauthier underscored the gravity of these challenges, emphasizing:

 "The prevailing macroeconomic conditions are creating limitations on our revenue streams... In light of the current market dynamics and business landscape, we find it imperative to streamline roles throughout our global operations."

According to the data available on LinkedIn, the Paris-headquartered company currently boasts a workforce of 734 skilled professionals. Consequently, a 12% optimization initiative is slated to recalibrate around 88 positions. This decision follows Ledger's recent accomplishment in securing the lion's share of a $109 million funding round, further cementing the company's valuation at approximately $1.4 billion.

This strategic maneuver aligns with a broader trend observed in the cryptocurrency sector, where companies are proactively adapting to the ongoing bear market. Significantly, just this week, blockchain analytics firm Chainalysis also revealed a 15% reduction in their workforce as part of their strategic realignment efforts.

Read more: Singapore Authorities Detain 36-Year Old Man in Response to Su Zhu's Arrest, Reports Reuters

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