Due to the increasingly challenging conditions in the crypto industry, many cryptocurrency companies have started downsizing their workforce and implementing mass layoffs. Ledger, a cryptocurrency hardware wallet provider, has also taken the path of reducing its workforce and laid off over 10% of its employees. Joining the list of companies downsizing their workforce in recent times, Ledger cited macroeconomic conditions as the reason for the layoffs.
Several factors, including consecutive lawsuits filed by the SEC and rising interest rates, have significantly worsened the conditions in the crypto industry in recent times. Many companies, including Binance, which have come under the radar of regulators, have faced various investigations and lawsuits.
Amid the increasingly challenging conditions, many cryptocurrency companies have opted to downsize their workforce, citing the current economic conditions. Binance, currently the largest cryptocurrency exchange globally in terms of trading volume, has also reduced its workforce during this process.
In addition to layoffs at Binance, many key figures have also resigned from their positions at the cryptocurrency exchange. In recent months, a significant number of employees, including the CEO of Binance US, have stepped down from their roles.
Another cryptocurrency company has recently joined the list of companies implementing mass layoffs. Ledger, a cryptocurrency hardware wallet manufacturer, has chosen to reduce its workforce.
In a letter sent to employees on Thursday, Ledger CEO Pascal Gauthier stated that the company would reduce its current workforce by 12%. He cited the current macroeconomic conditions as the reason for the layoffs.
Highlighting how the macroeconomic conditions have made it difficult for the company to generate revenue, Ledger CEO explained that reducing the workforce was a necessary step. The letter sent to Ledger employees included the following statement:
“We must continue to make decisions for the longevity of the business. Macro-economic headwinds are limiting our ability to generate revenue, and in response to current market conditions and business realities, we need to reduce roles across the global organization. Unfortunately, this means making the difficult decision to reduce roles at Ledger by 12%.”