The crypto industry has witnessed significant fluctuations in recent times, driven by regulatory changes, market volatility, and shifting investor sentiments.Gauthier attributed the decision to “macroeconomic headwinds” that have constrained the company’s revenue generation capabilities. He stated,
At the time of this announcement, Ledger was based in Paris and had approximately 734 employees, as indicated on their LinkedIn page. Notably, these layoffs occurred just a few months after Ledger disclosed that it has secured a significant portion of a $109 million funding round. This valued the company at approximately $1.4 billion.Ledger’s decision to downsize its workforce reflects the challenges faced by various crypto-related businesses amid the evolving economic landscape.
Gauthier emphasized that Ledger’s response to these challenges involves streamlining its operations to align with the evolving market dynamics. The reduction in the workforce is part of the company’s strategy to ensure its long-term sustainability and competitiveness.