On Thursday, crypto hardware wallet developer Ledger announced a 12% reduction in its employee workforce.
In a letter to employees, CEO Pascal Gauthier stated the need to make decisions for the long-term success of the business, citing the impact of macroeconomic conditions on revenue generation.
The French company also promised resources for impacted employees to transition smoothly.
Gauthier expressed confidence in the company’s ability to emerge from the current challenges stronger and urged employees to step up as leaders in the industry.
Ledger is known for its three hardware wallets, one of which was created by iPod inventor Tony Fadell.
The announcement came just days after Ledger partnered with prestigious art auction house Sotheby’s to provide its hardware wallet to top non-fungible token (NFT) collectors.
