Ledger Fires 12% of its Staffs

Ledger, with a large valuation of $1.4 billion, is experiencing a rough time, majorly caused by the 2022 crypto bear market and the collapses of notable firms like FTX and Voyager Digital. These challenges have tightened the revenue stream, leading to reductions in the global workforce, which approximates the loss of 88 roles from their 734-strong team.

Even after securing a huge $109 million from a funding round just seven months ago and collaborating with PayPal to streamline crypto purchases for U.S. residents, Ledger finds itself adapting to the unstable market conditions.

However, Ledger isn't going through this alone. The wider crypto industry is also struggling with similar predicaments, with companies like Binance US, Nansen, Coinbase, Huobi, and Crypto(dot)com announcing layoffs amid an unpredictable market and shifting U.S. regulatory landscapes.

In closing, the staff reductions witnessed across various crypto firms, Ledger included, underscore the volatile nature of the cryptocurrency market, pushing companies to make austere decisions to ensure their survival and sustainability through unpredictable economic winds.