Crypto Wallet Maker That Benefitted From FTX’s Demise Cuts Staff

Ledger, a company making hardware “wallets” for crypto investors, will lay off 12% of its workforce as it conserves resources to weather a protracted industry downturn.

“Macroeconomic headwinds are limiting our ability to generate revenue,” Ledger’s Chief Executive and Chairman Pascal Gauthier, said in an email sent to staff on Thursday. “We must continue to make decisions for the longevity of the business.”

A spokesperson for Ledger confirmed the layoffs, but declined to provide further details.

Climbing interest rates and regulatory pressure have kept the crypto industry in turmoil, with trading volumes drying up, funding slumping, and ...