Ledger to Cut 12% of Workforce Amid Cryptocurrency Downturn and Security Concerns

Ledger, a company known for manufacturing hardware wallets for crypto investors, has announced its intention to reduce its workforce by 12%. This decision comes in response to the current cryptocurrency downturn and economic challenges faced by companies in this industry. Ledger's CEO and Chairman, Pascal Gauthier, confirmed this information, noting that "macroeconomic difficulties limit our ability to generate revenue." In an email sent to employees, he also emphasized the need to make decisions aimed at ensuring the long-term sustainability of the business.

Ledger's decision reflects the challenging situation in which the cryptocurrency industry finds itself. In recent months, cryptocurrency trading volumes have been declining, financing is decreasing, and some market segments, such as non-fungible tokens (NFTs), have experienced sharp price declines. Rising interest rates and regulatory pressure are also putting additional pressure on companies in this industry.

Ledger is not the only company forced to reduce its workforce amid the cryptocurrency downturn. Recently, Chainanalysis, a blockchain technology company, also announced a 15% reduction in its workforce. This indicates that the cryptocurrency industry is compelled to take cost-cutting measures to adapt to the new market realities.

Ledger was founded in 2014 and is one of the leading manufacturers of hardware wallets for storing cryptocurrency private keys. Its products were popular among users concerned about the security of their digital assets. Major exchange hacks and other security incidents led to increased demand for such devices.

However, recent security issues with hardware wallets and concerns related to the company's privacy policies may have influenced the decision to reduce the workforce. Users have become more cautious in choosing cryptocurrency storage solutions and expect companies to adhere to the highest standards of security and data protection.