Ledger CEO Pascal Gauthier announced the company will trim 12% (almost 80 employees) from the ranks of its more than 700 employees.
The Paris-based, crypto security company will consider local employment laws related to employees' departure.
What Happened: “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,” Gauthier added.
In the first half of 2023, Ledger raised $109 million in a funding round leading to the company's total valuation of around $1.4 billion.
Read More: Coinbase Bows Down To Macro Headwinds, To Let Go Of 950 Employees
In June 2023, Ledger launched crypto trading network technology, Tradelink, for institutional clients. With the company’s retail businesses Ledger Live and Ledger Nanos reporting significant growth, it will soon launch its subscription service Ledger Recover. This would allow users to securely back up their Secret Recovery Phrase.
It will also launch a new product, Ledger Stax soon.
Read Also: Binance Cuts Over 1,000 Jobs As Crypto Exchange Faces Regulatory Hurdles
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