Ledger, the French crypto security giant, faces stormy seas. With an economic storm looming, the company made the tough decision to reduce its crew by 12%.
Crypto company, Ledger, announces wave of layoffs
The crypto sphere experiences vast fluctuations, influenced by various macroeconomic factors. Currently, a wait-and-see climate reigns, affected by the rise in interest rates.
For Ledger, this translates into a shortfall in revenue, leading to a reduction in staff, a difficult decision but deemed necessary by its CEO, Pascal Gauthier.
“ The current macroeconomic situation limits our ability to generate revenue. In response to this difficult context, we are forced to reduce our workforce globally. This unfortunately means that we must make the difficult decision to reduce Ledger’s workforce by 12%. “, explain the CEO.
This isn’t the first time Ledger has gone through turbulent times. The company has experienced several bear markets, each bringing its own set of challenges. However, Pascal Gauthier remains optimistic, considering these periods as opportunities to consolidate the company.
Despite the difficulties, the company was able to stand out. After the challenges faced by the FTX platform, Ledger’s services were propelled to the forefront, allowing the company to resist better than its competitors.
New services on the horizon
Despite the obstacles, Ledger is not slowing its pace of innovation. The company is preparing the imminent launch of its “Ledger Recover” service, intended as a response to an earlier controversy. Furthermore, users are impatiently awaiting the release of the new crypto wallet, the Ledger Stax.
Since its creation in 2014, Ledger has specialized in the design of “non-custodial” crypto wallets, offering users the possibility of retaining control of their private keys, unlike more traditional “custodial” wallets. In addition, with 6.5 million wallets sold and 20% of crypto assets secured, Ledger has undeniably forged a place of choice in the sector.
Beyond crypto, Ledger also protects 30% of global NFTs. These non-fungible tokens, representing an exponentially growing sector, require optimal security.
Finally, the crypto universe is unpredictable. Ledger, despite its stature and expertise, is not immune to market ups and downs. However, with a strategy of constant innovation and a commitment to safety, the company is well positioned to face the future.
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