Hardware wallet developer Ledger will streamline staff due to “macroeconomic headwinds.” The company’s CEO, Pascal Gauthier, announced this in a letter to employees.
Layoffs will affect 12% of the workforce. According to the top manager, the decision was made “for the sake of the longevity of the business.”
“Macroeconomic headwinds are limiting our ability to generate revenue, and in response to current market conditions and business realities, we must reduce roles in the global business,” it said.
According to LinkedIn, the company employs more than 900 people. Headquarters are located in Paris and Vierzon, with offices in London, New York and Singapore.
In June 2021, Ledger raised $380 million, and in March 2023 announced an expansion of the Series C funding round. Investments were raised at the previous valuation of €1.3 billion.
Previously, the manufacturer introduced a new device, Ledger Stax. Tony Fadell, the former head of the department for the development and release of the iPod player from Apple, participated in its creation.
Let’s remember that in August Ledger announced the integration of PayPal, which will allow US users to buy cryptocurrency using a payment service account.
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