Bitcoin

<p><strong>Paris-based <a href="https://captainaltcoin.com/ledger-nano-x-review/" target="_blank">cryptocurrency hardware wallet maker Ledger</a> announced this week that it will be laying off approximately 88 employees, representing 12% of its 734-person workforce. This round of job cuts comes despite Ledger having raised the majority of a $109 million funding round earlier this year that valued the company at $1.4 billion.</strong></p> 
<p>The layoffs raise concerns that the ongoing “crypto winter” may be deeper than many expected. Ledger was previously one of the crypto industry’s unicorns and a bellwether for growth and adoption of digital assets. However, persistently low cryptocurrency prices and diminished retail interest has led to declining sales of Ledger’s flagship hardware wallets.</p> 
<blockquote class="twitter-tweet">
 <p lang="en" dir="ltr">Crypto wallet hardware maker Ledger will lay off 12% of its workforce. The company has 734 employees and a 12% cut would mean the elimination of about 88 jobs. Previously, Ledger announced it had raised the majority of a $109 million round of funding, valuing it at approximately…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1710110399973270011?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 6, 2023</a>
</blockquote>  
<p>While Ledger cites macroeconomic challenges as the reason for the restructuring, the move signals that the company is battening down the hatches for a prolonged downturn in the crypto markets. This outlook contrasts with the previously boundless optimism Ledger had during the 2021 bull market.</p> 
<p>The job cuts are unlikely to be isolated to Ledger either. Other cryptocurrency companies that expanded rapidly during the pandemic-fueled crypto boom are likely to follow suit with their own layoffs. The evaporation of paper wealth from the crypto market rout has dried up funding for many startups as well.</p> 
<blockquote class="wp-block-quote"> 
 <p><em>“Ledger’s decision to shed 12% of its workforce is a troubling bellwether for the crypto industry. When a leading company like Ledger, which was recently valued at over $1 billion, starts making significant cuts, it’s a sign that the ‘crypto winter’ may be far from over. For Bitcoin in particular, reduced retail interest and sales of hardware wallets like Ledger’s does not bode well. If everyday investors are unwilling or unable to purchase Bitcoin and store it securely, it raises worries about stagnating adoption. Ledger’s layoffs suggest the cryptocurrency market still has further to fall and that is a worrying signal for Bitcoin ahead of 2024 halving.”</em> says Admir, Crypto veteran and CaptainAltcoin’s CEO</p> 
</blockquote> 
<p>Industry analysts worry that if the downturn in digital asset markets becomes severe, it could have cascading effects on the broader crypto ecosystem. Developers and talent may flee the space for more stable opportunities, setting back innovation. Adoption of cryptocurrencies for payments and financial services may also stall if consumers lose confidence in the industry’s future prospects.</p> 
<p>While crypto is no stranger to boom-and-bust cycles, Ledger’s retrenchment is the clearest sign yet that the current crypto winter likely has further to go. All stakeholders in the industry are hoping the chill will thaw sooner rather than later.</p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="nofollow sponsored"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-nofollow-sponsored-span-we-recommend-etoro-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="nofollow sponsored"> <span>We recommend eToro</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     <strong>74% of retail CFD accounts lose money.</strong>
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="nofollow sponsored"> Visit eToro Now </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc">
     <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free.
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a rel="nofollow" href="https://captainaltcoin.com/ledger-laying-off-12-of-its-workforce-is-a-worrying-signal-for-bitcoin-and-crypto-according-to-analyst/">Ledger Laying Off 12% of its Workforce is a ‘Worrying Signal for Bitcoin and Crypto’ According to Analyst</a> appeared first on <a rel="nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Ledger Laying Off 12% of its Workforce is a ‘Worrying Signal for Bitcoin and Crypto’ According to Analyst

Table of Contents

CaptainAltcoin

Other articles published on Oct 6, 2023

Shiba Inu: Here's When SHIB Could Reach $0.0001

VEXT Is Now Available On Gate.io

Decoding The Possibility of Bitcoin (BTC) Price Dropping Below $20K in Q4-2023

OpenAI’s Push to Develop In-House AI Chips for Sustainable Growth

Qtum Development and Community Updates: September 2023

Binance’s 2017 ICO flopped, exchange reportedly raised $5m

Join our free newsletter for daily crypto updates!