Paris-based cryptocurrency hardware wallet manufacturer Ledger is reducing its staff by 12%, citing macroeconomic headwinds and a prolonged bear market as reasons for its decision.
The French company raised $109 earlier in 2023 million in a funding round to reach a valuation of around $1.4 billion.
Ledger Chairman and CEO Paul Gauthier announced the news in a letter sent to employees, which was published on the company’s blog on Thursday, Oct. 5, 2023.
According to Gauthier, Ledger saw an influx of customers following the collapse of major players in the industry, including FTX, Voyager, and Silicon Valley Bank (SVB).
The company further raised $109 million in a Series C extension fundraising round in March 2023, bringing Ledger’s valuation to around $1.4 billion.
However, current market conditions have hindered the hardware wallet manufacturer from generating revenue, causing the company to resort to job cuts to sustain business operations.
According to Gauthier’s letter:
“Mac
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