Top Crypto Wallet Ledger Cuts 12% of Workforce, Months After $108M Raise

Ledger is lowering its workforce by 12%, citing macro-headwinds and declining revenue.

According to an update shared by CEO Pascal Gauthier, popular crypto custody solutions provider Ledger has lowered its workforce by 12%. The company cites macro-headwinds, declining revenue, and the prolonged crypto bear market as reasons for reducing its employee count.

Ledger’s LinkedIn profile shows that the company’s staff count currently stands at 734. Hence, the 12% reduction means the French-based company is laying off an estimated 88 employees if the LinkedIn data is accurate and up-to-date. Ledger pledged to bring forward a respectful resolution to employees impacted by the layoffs.

However, Ledger’s most recent decision catches the eye for a reason. In March, the company raised a $108 million Series C financing round that bumped its valuation to $1.4 billion. As a result, a layoff within months after a raise reflects the generally bearish state of market conditions and its impact on crypto-related businesses.

Ledger is not the only crypto company that has laid off employees in recent times. Key players such as Coinbase, Chainalysis, Robinhood, and Binance US have announced significant layoffs in the past few months. In Ledger’s case, however, the company has managed to keep its sales numbers up throughout the bear market.

Ledger Crosses 6.5 Million Devices Sold

The latest update from Ledger CEO shows that the company has now sold 6.5 million devices since going live in 2014. In March, the company reported 6 million sales. The latest figure indicates that it sold 500,000 devices within the past six months.

Ledger’s CEO noted that the recent collapse of centralized entities such as FTX, Voyager, and Silicon Valley Bank (SVB) accelerated the need for its products. Between June 2022 and February 2023, the company reportedly sold 1 million devices and has now added to that number in the past six months.

Ledger continues to maintain its leadership position as the leading crypto wallet solution despite past controversies surrounding the leakage of customer data. The company’s devices hold 20% of global crypto assets.