Hardware Wallet Maker, Ledger, Considers Booting 10% Of Its Staff
Apart from the individuals and institutions who hold various cryptocurrencies, the poor state of the industry has also substantially affected certain services that either manufacture or just supply cryptocurrency accessories. Because of the state of the industry, Ledger has been hit very hard as it seems like most people are no longer interested in purchasing hardware wallets as they might think it’s not a worthy investment due to the fact the initial investment in crypto (which necessitated the wallet in the first place) seems to be crumbling. Consequently, Ledger might be letting go of at least 10% of its current employee base.
Will Ledger Really Fire 20 Of Its Staff?
Ledger has a staff strength of 200 people and according to an online French new service Presse Citron, the firm is seriously looking at the possibility of reducing that by about 20 but specifically in the support sphere of the company. However, the firm isn’t very keen on laying people off even as it faces considerably tough times. Ledger begun having issues with turnover and eventually kicked off Ledger Vault which is basically for asset management. This proved to be a great idea as the company’s proceeds went up after this. It’s possible that the recent bull run experienced in the market could help Ledger hold off on making a decision like this but if there’s a significant drop in prices again, the company might have to continue with this decision.
Other firms including Bitmain and Bithumb have successfully fired some of their staff because of the same bad market conditions.
Are Hardware Wallets Really A Thing?
Presse Citron also has it that Ledger may have earned up to 10 million euro monthly during its better days. According to the Ledger website, the company may have become the most popular hardware wallet in the world as it has sold more than 1.4 million Ledger Nano S wallets. The company’s wallets sell somewhere between $60 and $270.
Generally, hardware wallets are very important but opinions on whether or not they are necessary to vary quite differently. No one can really tell how many people in the world actually hold crypto. Even if all the accounts are counted, the number would likely be overblown as one user could hold multiple accounts. Some estimates based on some facts like the 10 million users Coinbase has, puts the entire figure for crypto account holders at about 100 million. With this number and the assumption that the number might still increase especially if the market continues to experience price surges, we might be able to conclude that the number of users who hold hardware wallets, even if there’s no exact figure, is high enough to earn Ledger 10 million euro in a month.
Even though the firm is going through a difficult time, it is said that Ledger may have anticipated hard times when they made a lot of money and are probably well prepared for it. Generally, the future of Ledger might not be too bleak.