Key takeaways:
- The CEO and chairman of Ledger, a manufacturer of hardware cryptocurrency wallets, has disclosed the 12% employee reduction.
- The CEO said they have decided to eliminate 12% of the positions at Ledger.
The 12% employee reduction has been disclosed by Pascal Gauthier, CEO and chairman of Ledger, a manufacturer of hardware cryptocurrency wallets.
The employee reductions were necessary “for the longevity of the business,” according to Gauthier, who claimed this in a blog post on October 5 and cited the 2022 bear market and the failure of companies like FTX and Voyager Digital.
According to LinkedIn data, 88 workers may have lost their employment, which indicates that Ledger may have had 734 employees at the time of publication. The CEO remarked:
“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,”
The CEO said that they have decided to eliminate 12% of the positions at Ledger.
Ledger secured more than $109 million in a capital round, giving the company a $1.4 billion valuation, before making the announcement, which was made almost seven months later. With the integration of PayPal’s Live software by Ledger in August, Americans with verified PayPal accounts can now purchase cryptocurrency.
Polygon co-founder Jaynti Kanani declared that, for the first time in six years, he had taken a break “from the day-to-day grind” on the project.
Kanani stated in a discussion on X (previously Twitter) on October 4 that he intended to concentrate “on new adventures” while continuing to write for Polygon “from the sidelines.” In 2017, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, as well as Kanani, co-founded the Matic network, which was eventually renamed Polygon. Nailwal reacted to the news by saying, “Man, this makes me emotional.”
Amidst a volatile market and modifications to the U.S. regulatory landscape, other crypto firms have announced comparable personnel reductions. Brian Shroder, the president and CEO of Binance US, left the company in September when it laid off about 100 workers. As of 2023, layoffs are expected at Nansen, Coinbase, Huobi, and Crypto.com, according to each of them.
