Cryptocurrency hardware wallet developer Ledger said it is cutting 12% of its workforce, according to a Thursday letter to employees by chief executive officer Pascal Gauthier.

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Fast Facts

  • With a total of 734 employees, according to Ledger’s LinkedIn page, the company axed approximately 88 employees.
  • “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,“ wrote Gauthier in a letter to staff members.
  • Numerous other troubled Web3 companies were forced to reduce their headcount. Blockchain intelligence firm Chainalysis cut 150 employees earlier this week.

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