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The CEO and chair of Pascal Gauthier announces the firm will be cutting its staff by 12% in an Oct. 5 blog post citing the “longevity of the business.” The letter was sent to all employees, and reshared on the company’s public blog site in the interest of transparency. Macroeconomic headwinds This announcement comes despite Ledger being one of the only companies to raise capital in the first half of this year. However, the post goes on to explain the impact of the market on their own business, stating, “Macroeconomic headwinds are limiting [the company’s] ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business.” While difficult, Gauthier also cites that bear markets, such as the one the crypto market is currently facing, is an opportunity to strengthen the business. You might also like: Ledger partners with PayPal to enhance Bitcoin, crypto purchase Weathering the bear mar...

SVB’s epic failure occurred “at a bank that happened to deal with crypto customers” but “was not a crypto-induced problem,” said Mick Mulvaney. In the United States, crypto reform legislation isn’t the province of a single political party, and that’s why a former U.S. Congressman, who also played a prominent role in the Trump administration, believes that passage of a federal “digital assets” law this year is a real possibility. “Democrats aren’t all on one side; Republicans aren’t all on the other side,” said Mick Mulvaney, who was budget director and later acting White House Chief of Staff from January 2019 to March 2020, told Cointelegraph, further explaining: “I do think in this Congress, which has got functionally about 14–16 months left before it sort of shuts down before the next election cycle, you will get a meaningful piece of legislation on blockchain/crypto — what we’re referring to collectively as digital assets.” Mulvaney’s government resume is long and varied. In addit...

The plan to expand its workforce comes just months after it mutually called off its plans to go public via a SPAC merger. USD Coin (USDC) issuer Circle plans to increase its workforce by 15-25% in 2023 amid a sea of layoffs across the industry, reported the Wall Street Journal. At a time when a significant chunk of industry-wide firms is laying off staff to mitigate their financial woes, Circle has gone against the tide to hire more people.   41% of all layoffs in 2023 came from the cryptocurrency industry. Major cryptocurrency firms that made significant employee cuts include Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre. A major factor behind crypto companies reducing manpower was attributed to the prolonged crypto winter and a number of crypto implosions that wiped out billions from the balance sheets of numerous companies associated with them. However, the large-scale crypto industry layoffs were not in isolation. Around 48,000 people in...