Crypto wallet Ledger cuts jobs

Ledger is laying off 12 percent of its employees. The hardware wallet manufacturer is responding to "current market conditions."

The crypto winter has now hit Ledger as well. The French crypto wallet manufacturer has twelve percent of its employees fired.

According to CEO Pascal Gauthier, the company is responding to "current market conditions." The "macroeconomic headwinds" are making it difficult for the company to "generate revenue."

Ledger had already "experienced several bear markets" and was also "one of the few companies that could raise significant capital in the first half of 2023."

However, "mistakes were also made," Gauthier said: "Failure is part of the process."

Many crypto companies have cut jobs this year, including Coinbase, Kraken, Bybit, Consensys, Dapper Labs and Binance.