Ledger, a French-based company that makes hardware wallets for crypto investors, will lay off 12% of its employees to conserve resources amid a prolonged industry downturn.
“Macroeconomic headwinds are limiting our ability to generate revenue,” Ledger’s Chief Executive and Chairman Pascal Gauthier, said in an email sent to staff on Thursday. “We must continue to make decisions for the longevity of the business.”
A spokesperson for Ledger confirmed the layoffs, but declined to provide further details.