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Ledger has announced that it will be reducing its existing staff members by 22% going forward. The hardware crypto wallet manufacturer Ledger, is currently home to more than 734 employees. The new development affirms that an estimated 98 staff members have been relieved of their duties.

In a letter sent to employees, and reposted in a blog post for the sake of transparency, the CEO and Chairman at Ledger, Pascal Gauthier, said the following;

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. Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger.

The CEO highlighted the bearish events of the previous years, noting the impact that these events have had on Ledger as a company. While these incidents can disrupt progress, Gauthier acknowledges that it can provide an opportunity for strengthening businesses.

Notably, Gauthier also revealed that the company will continue to focus on developing its piston in the market with new rollouts, with the subscription service Ledger Recover being at the forefront of this movement. He asserts.

We will soon launch our subscription service Ledger Recover, which will enable millions to securely back up their Secret Recovery Phrase. This is a necessary service for the next wave of new users to join self-custody and Ledger.

Ledger is the latest crypto-based blockchain to cut down on its staff. Before the new development, leading cryptocurrency platforms like Coinbase and Binance had left the market in shock, after announcing multiple layoffs.

Back in January, the U.S.-based cryptocurrency exchange Coinbase disclosed its plans to lay off as much as 20% of its staff. The move was carried out in a bid to cut costs as the cryptocurrency market continued to record a decline.

Coinbase layers off more than 900 employees, as stated in a memo sent to its staff. Before this, the exchange had laid off 1,100 employees in the previous year.

Similarly, Binance cryptocurrency exchange slashed its employees and laid off more than 1,000 people. Although the exchange was battling a series of legal setbacks at the time, it didnt stop the largest crypto exchange from reducing its employees by a significant fraction.

The event led market players to believe that the exchange was either crumbling, or the cryptocurrency market was heading towards collapse. However, Binance clarified that the decision was made as Binance recommitted to increasing talent diversity. Changpeng Zhao, the CEO of Binance went on to state that the exchange was still open to hiring new talent.

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