Ledger Lays Off 12% of Staff
Ledger CEO reveals downsizing decision for long-term survival amidst market challenges and industry collapses. Approximately 88 employees affected.
Pascal Gauthier, the CEO and chair of Ledger, revealed in an October 5th blog post that the company would be downsizing its staff. This decision, he explained, was taken to ensure the company's long-term survival. The reasons cited for this move include the bear market of 2022 and the unfortunate collapse of notable firms such as FTX and Voyager Digital.
Based on available data from LinkedIn, it's estimated that Ledger employed around 734 individuals at the time of the announcement. This would mean that approximately 88 employees might have been affected by this decision. Gauthier elaborated on the situation, stating:
"Macroeconomic headwinds are limiting our ability to generate revenue. Given the current market conditions and business realities, we find ourselves in a position where we must reduce roles across the global business. Regrettably, this has led us to the tough decision of reducing 12% of the roles at Ledger."
It's essential to understand that this decision comes after a series of significant achievements for Ledger. Roughly seven months prior to the announcement, Ledger successfully raised over $109 million in a funding round, boosting the company's valuation to a staggering $1.4 billion. Furthermore, in a strategic move in August, Ledger integrated its Live software with PayPal. This integration enabled US residents with verified PayPal accounts to purchase cryptocurrencies seamlessly, marking a significant advancement in the company's offerings.
Ledger's decision isn't something new considering the current market. Binance.US, for instance, saw its president and CEO, Brian Shroder, depart the company, a departure that was accompanied by the layoff of around 100 employees. Other major crypto exchanges, such as Nansen, Coinbase, Huobi, and Crypto.com, have also announced their intentions to downsize in 2023.