In an announcement led by Ledger CEO Pascal Gauthier last Thursday (5), the famous cryptocurrency wallet confirmed that it will lay off 12% of its employees. The new layoff in the crypto market is attributed to the bear market.
As fewer investors buy bitcoin and cryptocurrencies, they also buy fewer wallets to store their coins. And Ledger is, next to Trezos, one of the best-known brands.
The dismissed employees received the letter from the company manager himself, who published the statement on the Ledger blog.
What does Ledger’s resignation letter say to employees?
With its history starting a few years ago, Ledger is one of the brands that want to provide security to people’s cryptocurrencies. In addition to hardware, the company also produces software and has sold more than 6 million wallets to date, the company said in a statement.
“Over the past decade, Ledger has built a best-in-class hardware and software platform, selling more than 6.5 million Nanos and powering more than 100 financial institutions, now accounting for more than 20% of global crypto assets have been secured. This is an incredible achievement and we will continue our mission to deliver uncompromised security and ease of use to the growing digital asset ecosystem.”
Stating that his story does not end here, the CEO acknowledged that times are tough and require focus. So unwanted but necessary actions must be taken.
“Ledger has been through several bear markets and it is these tougher days that require focus. Sometimes we are forced to make unwanted but necessary decisions. While difficult, bear markets can also be an opportunity to strengthen our businesses, interconnections, ways of working and our resolve.”
“The fall of brokers has helped Ledger, but macroeconomic headwinds are limiting the company’s profits,” says CEO
In a statement made available to the Ledger audience, the CEO admitted that the fall of brokers like FTX has helped the business community. This is because, when investors realized the bankruptcy of brokers, they rushed to buy wallets in an attempt to keep their cryptocurrencies safe.
However, the temporary relief in the business community did not last long, in addition to the bad ‘macroeconomic headwinds’ for the company. He confirmed the dismissal of 12% of employees.
“Despite this hard work, we must continue to make decisions for the life of the company. Macroeconomic headwinds are limiting our ability to generate revenue, and in response to current market conditions and business realities, we must reduce the global role of business. Unfortunately, this means we are making the difficult decision to reduce headcount at Ledger by 12%.”
The company, based in France, promises to fulfill its obligations to all its employees.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.