Ledger reduces staff by 12% as controversial Recover feature looms Ledger reduces staff by 12% as controversial Recover feature looms
CEO Pascal Gauthier attributed staff cuts to market conditions but said that the company will push forward with operations and products.
2 min read
Updated: Oct. 5, 2023 at 11:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Hardware wallet manufacturer Ledger announced in a blog post on Oct. 5 that it will lay off a significant percentage of its staff while continuing operations.
The company’s CEO, Pascal Gauthier, wrote in a letter:
“Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities … we are making the difficult decision to reduce 12% of the roles at Ledger.”
Despite those shortcomings, Gauthier said that Ledger prepared for the “bear market” in early 2022 and saw some success in that regard. He claimed that Ledger was one of the few crypto companies to raise significant capital in the first two quarters of 2023.
Gauthier did not suggest that Ledger would reduce its activity. Instead, he said that the company remains the leader in its area and said that existing priorities are still in place.
Ledger will push forward with Recover
Gauthier also mentioned the upcoming launch of Ledger Recover, a feature that allows users to regain access to their wallet after losing key information. Ledger Recover attracted massive controversy in May 2023, as it requires data to be stored with third parties. While Ledger insists that this feature will be optional, critics complain that the hardware and firmware capabilities that support Recover are a risk in their own right.
Gauthier did not explicitly address the controversy in his current letter. However, he called Recover a “necessary service for the next wave of new users.”
Gauthier additionally said that Ledger’s retail business “has never been more exciting.” He reported increased usage, revenue, and transaction volumes for the mobile app Ledger Live. He also described higher distributions of Ledger Nano devices and drew attention to a recent Ledger model called Ledger Stax, which features an e-ink display.
Ledger initially distributed Gauthier’s letter to its employees. The company said that it posted the letter publicly on its blog for transparency reasons.
Mentioned in this article
Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
Editor Editor 
Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
In this article
Ledger
Founded in 2014, Ledger is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications.
The Ledger Nano S is built around a secure chip, ensuring the highest security to date.
Pascal Gauthier is currently the chairman and CEO of Ledger, an industry leader in protecting critical digital assets.
