Ledger, a popular hardware wallet manufacturer, has announced a 12% reduction in its workforce due to economic challenges. The company had approximately 734 employees at the time of the announcement, implying that around 88 people may have been affected by the layoffs. Ledger’s CEO, Pascal Gauthier, explained that the decision was made to ensure the long-term sustainability of the business in light of the difficult economic environment and challenges faced by other companies in the industry. This announcement comes several months after Ledger raised over $109 million in funding. In addition to Ledger, other crypto companies such as Binance.US have also experienced staff cuts due to market uncertainty and regulatory changes.
Changes at Binance.US
Binance.US, one of the largest cryptocurrency exchanges, recently announced a reduction of about 100 employees and the departure of its President and CEO Brian Shroder. The company cited market uncertainty and regulatory actions by the Securities and Exchange Commission (SEC) as reasons for these changes. Norman Reed has been appointed as interim CEO. Binance.US has faced legal and regulatory actions throughout the year, with both the SEC and Commodity Futures Trading Commission (CFTC) suing the exchange for operating illegally and violating laws. The exchange temporarily suspended dollar deposits earlier this year but reinstated them following a partnership with MoonPay.
Progress on Xahau
Evernode, a Layer-2 smart contract application based on XRP Ledger (XRPL), provided an update on its upcoming launch. The development is related to Xahau, a proposed sidechain for XRPL that will host smart contracts. The code for Xahau has been successfully completed, bringing it closer to launch. The launch of Xahau is crucial for Evernode’s success, and an airdrop is planned for XRP holders once it goes live. Users will be able to request the airdrop based on their XRP balance held on XRPL. The launch of Xahau will introduce the “Burn2Mint” mechanism, enabling the porting of Xahau’s native token, Xahau XRP.
Hot Take: Challenges in the Crypto Industry
The recent staff cuts at Ledger and Binance.US highlight the challenges faced by companies in the crypto industry. Economic uncertainties, market volatility, and regulatory actions have all contributed to these difficult decisions. As the industry continues to evolve, companies must navigate these challenges to ensure their long-term sustainability. However, despite these setbacks, there are still advancements being made in the sector. Projects like Evernode’s Xahau show progress in developing innovative solutions that can enhance the functionality and usability of blockchain technology. The crypto industry remains resilient and continues to adapt to overcome obstacles and drive innovation forward.
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