Leading crypto firm Ledger to cut 12% from its workforce

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Leading crypto firm Ledger to cut 12% from its workforce

Pascal Gauthier, Ledger's CEO, announced that the company would trim 12% from the ranks of its more than 700 employees.

The crypto security firm, which is based in Paris, will review local employment laws related to employees' departure.

What happened? What happened? What happened? What went wrong? He added: 'What happened?'

The future of digital assets conference, scheduled for Nov. 14, is anticipated to be a pivotal gathering for the digital assets community. The CEO also emphasized that the company's strong performance in the last nine years of operations, where it sold more than 6.5 million nanos and led 100+ financial institutions. It currently possesses more than 20 percent of the world's crypto assets.

In the first half of 2023, Ledger raised $109 million in a funding round that resulted in the company's valuation at $1.4 billion.

With the company's retail businesses Ledger Live and Ledger Nanos experiencing significant growth, it will soon launch its subscription service, Ledger Recover. It would allow users to back up their Secret Recovery Phrase.

It will also launch a new product, Ledger Stax, soon.

Other crypto companies have also had layoffs, including Ledger. Chainalysis, a blockchain analytics firm, recently instituted a second round of layoffs after its initial round resulted in a 5% reduction in the workforce. Other companies that saw recent workforce reductions included Coinbase, Dapper Labs, Messari, Crypto.com, Huobi, CoinSwitch and CoinDCX.

Binance has cut more than 1,000 jobs as the cryptocurrency exchange faces regulatory hurdles.

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