Ledger, a prominent hardware wallet manufacturer catering to crypto investors, has announced a 12% reduction in its workforce as part of a strategic effort to navigate an extended industry downturn. Ledger’s CEO and Chairman, Pascal Gauthier, highlighted the need to make difficult decisions in the face of prevailing market conditions. Gauthier acknowledged the impact of macroeconomic headwinds and emphasized the importance of preserving resources for the company’s future.A Ledger spokesperson confirmed the layoffs, but details regarding the affected employees were not disclosed. This development comes as the crypto industry grapples with various challenges, including rising interest rates and increased regulatory scrutiny. These factors have contributed to a turbulent environment characterized by reduced trading volumes, decreased funding, and a notable decline in interest and prices of once-popular segments like non-fungible tokens (NFTs).Established in 2014, Ledger has emerged as a leading provider of secure hardware devices designed to safeguard private keys, which grant users access to their blockchain assets. Ledger successfully raised approximately €100 million ($109 million) in a funding round, valuing the company at around €1.3 billion. This decision to downsize the workforce reflects Ledger’s response to the challenging market conditions as the company seeks to adapt and navigate the evolving landscape of the crypto industry.

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Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	8
People	R3, Pascal Gauthier, Chainalysis
Companies	R3, Ledger, Chainalysis, FTX, dappGambl
Currencies	Ethereum, Bitcoin, NFT Stars
Securities	None