Ledger Reduces Workforce by 12% Amid Crypto Industry Challenges

Ledger, a major hardware wallet manufacturer for crypto investors, is making strategic moves in response to industry challenges

They've announced a 12% reduction in their workforce to ensure long-term sustainability

The decision stems from macroeconomic hurdles impacting revenue generation. Ledger's CEO, Pascal Gauthier, emphasized the need for tough decisions to secure the company's future. He cited macroeconomic headwinds as limiting revenue potential

Rising interest rates and regulatory scrutiny have created a turbulent environment, affecting trading volumes and funding

Ledger is known for secure hardware devices safeguarding private keys. Increased concerns about security, fueled by exchange troubles and recent hacks, drove demand for Ledger's products

Ledger's downsizing reflects their proactive approach to adapt to the evolving crypto landscape. They're not alone; other crypto companies are also implementing cost-cutting measures to navigate these challenges.