Pascal Gauthier, CEO and Chairman of Ledger, announced a significant 12% reduction in headcount. The decision to reduce positions can be attributed to the difficult macroeconomic environment, particularly the impact of the 2022 bear market. The same goes for the recent struggles faced by crypto companies like FTX and Voyager Digital.
Gauthier stressed in an Oct. 5 blog post that these measures are essential “for the long-term viability of our business.” Based on data available from LinkedIn, he said Ledger had approximately 734 employees at the time of publication. It suggests that around 88 people may have been affected by the layoffs.
“Macroeconomic headwinds are limiting our ability to generate revenue,” Gauthier said. These steps are necessary to align your company with current market conditions and business realities. He added: “Unfortunately, this means we are making the difficult decision to reduce positions at Leisure by 12%.”
The announcement comes about seven months after Ledger successfully raised more than $109 million in a funding round. As a result, the company’s valuation was $1.4 billion.
Overcoming challenges in the cryptocurrency market
Ledger has been aggressively expanding its services. Expanded services include the integration of Live software with PayPal in August. With this integration, U.S. residents with a verified PayPal account can now easily purchase cryptocurrencies through the payment app.
Ledger’s recent funding successes and strategic partnerships reflect the company’s commitment to growth and innovation in the crypto space. However, the company also faces challenges posed by market volatility and economic uncertainty. Retrenchments are considered a necessary measure to adapt to these changing circumstances and ensure the long-term sustainability of our business.
Many crypto companies have recently cut staff in response to market uncertainty and the changing regulatory landscape in the United States. In September, about 100 employees were laid off at Binance.US, and the company’s president and CEO Brian Schroeder also resigned. Similarly, companies such as Nansen, Coinbase, Huobi, and Crypto.com have all announced plans for layoffs in 2023.
Pascal Gauthier, CEO and Chairman of Ledger, announced a significant 12% reduction in headcount. The decision to reduce positions can be attributed to the difficult macroeconomic environment, particularly the impact of the 2022 bear market. The same goes for the recent struggles faced by crypto companies like FTX and Voyager Digital.
Gauthier stressed in an Oct. 5 blog post that these measures are essential “for the long-term viability of our business.” Based on data available from LinkedIn, he said Ledger had approximately 734 employees at the time of publication. It suggests that around 88 people may have been affected by the layoffs.
“Macroeconomic headwinds are limiting our ability to generate revenue,” Gauthier said. These steps are necessary to align your company with current market conditions and business realities. He added: “Unfortunately, this means we are making the difficult decision to reduce positions at Leisure by 12%.”
The announcement comes about seven months after Ledger successfully raised more than $109 million in a funding round. As a result, the company’s valuation was $1.4 billion.
Overcoming challenges in the cryptocurrency market
Ledger has been aggressively expanding its services. Expanded services include the integration of Live software with PayPal in August. With this integration, U.S. residents with a verified PayPal account can now easily purchase cryptocurrencies through the payment app.
Ledger’s recent funding successes and strategic partnerships reflect the company’s commitment to growth and innovation in the crypto space. However, the company also faces challenges posed by market volatility and economic uncertainty. Retrenchments are considered a necessary measure to adapt to these changing circumstances and ensure the long-term sustainability of our business.
Many crypto companies have recently cut staff in response to market uncertainty and the changing regulatory landscape in the United States. In September, about 100 employees were laid off at Binance.US, and the company’s president and CEO Brian Schroeder also resigned. Similarly, companies such as Nansen, Coinbase, Huobi, and Crypto.com have all announced plans for layoffs in 2023.
