Ledger reduces workers by 12% as controversial Recuperate characteristic looms

{Hardware} pockets producer Ledger introduced in a weblog submit on Oct. 5 that it’s going to lay off a big share of its workers whereas persevering with operations.

The corporate’s CEO, Pascal Gauthier, wrote in a letter:

“Macroeconomic headwinds are limiting our capability to generate income, and in response to the present market situations and enterprise realities … we’re making the troublesome determination to cut back 12% of the roles at Ledger.”

Regardless of these shortcomings, Gauthier mentioned that Ledger ready for the “bear market” in early 2022 and noticed some success in that regard. He claimed that Ledger was one of many few crypto corporations to boost vital capital within the first two quarters of 2023.

Gauthier didn’t recommend that Ledger would scale back its exercise. As a substitute, he mentioned that the corporate stays the chief in its space and mentioned that present priorities are nonetheless in place.

Ledger will push ahead with Recuperate

Gauthier additionally talked about the upcoming launch of Ledger Recuperate, a characteristic that permits customers to regain entry to their pockets after dropping key data. Ledger Recuperate attracted huge controversy in May 2023, because it requires knowledge to be saved with third events. Whereas Ledger insists that this characteristic will be optional, critics complain that the {hardware} and firmware capabilities that help Recuperate are a danger in their very own proper.

Gauthier didn’t explicitly handle the controversy in his present letter. Nevertheless, he referred to as Recuperate a “mandatory service for the subsequent wave of latest customers.”

Gauthier moreover mentioned that Ledger’s retail enterprise “has by no means been extra thrilling.” He reported elevated utilization, income, and transaction volumes for the cellular app Ledger Reside. He additionally described increased distributions of Ledger Nano gadgets and drew consideration to a current Ledger mannequin referred to as Ledger Stax, which options an e-ink show.

Ledger initially distributed Gauthier’s letter to its workers. The corporate mentioned that it posted the letter publicly on its weblog for transparency causes.

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