
Ledger, a hardware wallet manufacturer, announced on its blog on Oct. 5 that it would lay off a significant portion of its staff while continuing operations.
Despite those weaknesses, Gauthier said, Ledger prepared for the 'bear market' in early 2022 and saw some success in that regard. Ledger said that he was one of the few crypto companies to raise substantial capital in the first two quarters of 2023.
He did not suggest that Ledger would reduce its activities. Instead, he said, the company remains the leader in its area and said that existing priorities are still in place.
The launch of Ledger Recover, a feature that enables users to access their wallet after losing key information, was also announced. In May 2023, Ledger Recover caused significant controversy, as it necessitates data being stored with third parties. While Ledger maintains that this feature will be optional, critics argue that the hardware and firmware capabilities that support Recover are a risk in their own right.
Mr Gauthier also said that Ledger's retail company 'has never been more exciting'. Ledger Live mobile app saw a surge in usage, revenue, and transaction volume, according to a report. He also mentioned higher distributions of Ledger Nano devices and raised concerns about a recent Ledger model called Ledger Stax, which features an e-ink display.
Gauthier's letter was initially distributed to Ledger's employees. The company said it posted the letter on its blog for transparency reasons.