Hardware wallet developer Ledger has just made the decision to reduce its staff due to "macroeconomic headwinds."
As announced by Pascal Gauthier, the company's CEO, in a letter to employees, the layoffs will affect 12% of the workforce. According to him, the decision has been taken "for the longevity of the business."
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He has stated:
"Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business."
According to the company's LinkedIn profile, Ledger has more than 900 employees.
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Ledger raised $380 million in June 2021 and in March 2023 announced an expanded Series C funding round.
Ledger announced in August the integration of PayPal, which will allow US users to purchase cryptocurrencies using an account with the payment service.