Crypto Ledger decides to make staff cuts

Crypto Firm Ledger Decides to Make Staff Cuts

The crypto wallet company Ledger has decided to make some reductions due to the crypto winter we are experiencing. They have decided to fire 12% of their employees. Ledger is a company that deals in crypto hardware wallets, allowing crypto users to keep their crypto coins safely. It is physical hardware that saves their private keys to access their digital assets. It is one of the most established crypto hard wallet companies.

Currently, the number of Ledger employees is 734, and if we calculate the number of losses, that would be 90. The CEO, Pascal Gauthier, sent out an email this Thursday to notify its staff of the layoffs. He stated that the general economic problems necessitated the move. He hopes that such a move would help the company survive in the long term when crypto patterns improve.

The Crypto Patterns: Ups and Downs

The crypto industry, in general, has been in this downward spiral for a while. Numerous crypto firms have been making similar reductions recently.

This last year and a half have been difficult for the industry. However, the years prior to this era were especially strong for the sector. 2021 and 2020 led to enormous growth for crypto overall. Crypto tokens such as Bitcoin and Ether reached record highs. The move also lifted many altcoins alongside the major ones as the crypto market capitalisation reached huge levels. Markets such as NFTs and DeFi also experienced impressive improvements.

However, all of these may have been crypto bubbles. A number of things depressed the market following this phenomenal growth. Inflation affected everything worldwide. This then led central banks such as the Fed to make major changes, raising interest rates everywhere. Following this, the financial situation remained tight everywhere in 2022 and even in 2023. Further problems came with crypto bankruptcies and the prosecution of a great number of crypto firms. So the crypto Ledger company’s cuts are understandable in such an environment.

User Review
0 (0 votes)


Leave a Reply