Ledger, a Paris-based cryptocurrency hardware wallet manufacturer, has announced a 12% reduction in its workforce due to macroeconomic headwinds and a prolonged bear market. The company had previously raised $109 million in a funding round to reach a valuation of around $1.4 billion. Ledger Chairman and CEO Paul Gauthier made the announcement in a letter sent to employees, which was published on the company’s blog. According to Gauthier, Ledger saw an influx of customers following the collapse of major players in the industry, including FTX, Voyager, and Silicon Valley Bank (SVB). However, current market conditions have hindered the hardware wallet manufacturer from generating revenue, causing the company to resort to job cuts to sustain business operations. Ledger had previously launched a crypto trading network technology in June called Tradelink for institutional clients, but faced criticism from its online users in May after releasing a controversial update that sparked security fears. Ledger joins the long list of crypto companies trimming down its workforce as the industry grapples with the ongoing bear market. Other companies in the industry who have taken similar action in 2023 include Dapper Labs, Messari, Crypto.com, Huobi, CoinSwitch, and CoinDCX.

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Information	Details
Geography	Europe
Countries	🇫🇷 🇺🇸
Sentiment	negative
Relevance Score	8
People	Dapper Labs, Huobi, Messari, Crypto.com, Paul Gauthier
Companies	Dapper Labs, Voyager, Huobi, Messari, Crypto.com, Silicon Valley Bank (SVB), CoinSwitch, FTX, CoinDCX
Currencies	Cronos, Chainswitch, tradelink, Huobi, FintruX, Ethereum, PDX Coin, Snowbank, Bitcoin, MESSI COIN, LABS Protocol, Voyager VGX
Securities	None