Ledger cuts staff by 12% as the contentious Recover feature approaches.
Ledger, a maker of hardware wallets, published an announcement on its blog on October 1. 5 that it would reduce its workforce by a sizeable percentage while keeping its business operating.Pascal Gauthier, the chief executive of the company,...
Ledger, a maker of hardware wallets, published an announcement on its blog on October 1. 5 that it would reduce its workforce by a sizeable percentage while keeping its business operating.
Pascal Gauthier, the chief executive of the company, stated in a letter:.
In response to the current market circumstances and business realities, we are making the difficult decision to reduce 12 percent of the roles at Ledger because macroeconomic headwinds are restricting our ability to generate revenue. ".
Despite these flaws, Gauthier claimed that Ledger saw some success in its preparation for the "bear market" in early 2022. Ledger, according to him, was one of the few cryptocurrency businesses to raise a sizable amount of money in the first two quarters of 2023.
Ledger's activity might decline, but Gauthier did not predict this. Instead, he asserted that the business continues to be the industry leader and that the current priorities are still in place.
Ledger will continue working on Recover.
Gauthier also made mention of the upcoming rollout of Ledger Recover, a feature that enables users to reclaim control of their wallet after misplacing crucial data. Since Ledger Recover requires data to be stored with third parties, it generated a great deal of controversy in May 2023. Ledger claims that this feature will be optional, but detractors argue that the hardware and firmware capabilities that support Recover pose risks in and of themselves.
In his most recent letter, Gauthier did not specifically address the controversy. Recover, on the other hand, was hailed by him as "an essential service for the incoming tide of new users. ".
Ledger's retail operation, according to Gauthier, "has never been more exciting. He stated that Ledger Live, a mobile app, had seen an increase in usage, earnings, and transaction volumes. Additionally, he discussed higher Ledger Nano device distributions and brought up the brand-new Ledger Stax model, which has an e-ink display.
Gauthier's letter was first given to Ledger's staff members. The business claimed that it did so in the interest of transparency and made the letter available to the public on its blog.