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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Wallet Ledger To Lay Off 10% of Workforce Following Product Issues

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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The crypto bear market hasn’t been kind to many blockchain or crypto-focused businesses and companies, who have been forced to revisit their strategies, lay off employees, or even close up shop due to lack of funding or interest.

The latest victim of waning interest in the crypto sphere, is hardware wallet manufacturer Ledger, who is reportedly laying off as much as 10% of their workforce. But is the layoff due to the bear market, or have some business-related blunders caused the tech firm to falter?

Ledger Faces Workforce Reductions As Crypto Bear Market Fallout Continues

The crypto bear market of 2018-2019 has been long and brutal, resulting in even the largest crypto firms having to lay off employees, including Bitcoin mining manufacturing giant Bitmain and Ethereum startup incubator ConsenSys. However, the latest entity that is facing extensive layoffs, is France-based cryptocurrency hardware wallet manufacturer Ledger.

Related Reading | Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels 

According to a report from local French media outlet Presse Citron, the wallet maker behind the popular Ledger Nano S USB-device, is considering laying off as much as 10% of their 200 employees.

During the 2017 bull run, Ledger is said to have shipped and sold over one million units. While Ledger CEO Eric Larchevêque has told investors that recent sales of their hardware devices “are good,” clearly the company is facing some financial issues if a 10% reduction in workforce is being considered.

Bear Market Blues, Or Bad Business Moves?

Ledger’s woes may not entirely be the result of the crypto bear market. The firm has recently caused quite a stir in the crypto space, repeatedly disappointing its customers, and for calling out its closest competition in bad taste.

The issues began at the close of last year, when Ledger issued an update to its popular Nano S hardware wallet, that effectively limited the amount of apps that could be installed to just 2 or 3, according to Redditors voicing their distaste in the r/ledgerwallet subreddit. Redditors complained that the update made the Nano S obsolete, forcing users to consider upgrading to the Nano X or be stuck with a lesser experience than they had grown accustomed to.

There, additional complaints can be seen from crypto investors who pre-ordered the firm’s bluetooth-enabled hardware wallet, the Nano X, which was originally slated to begin shipping in March. Ledger experienced production quality issues that resulted in a sub-par batch of initial units, which Ledger was forced to reject, causing a delay.

Due to unexpected production issues at the last minute, we’re deeply sorry to tell you that the Ledger Nano X shipment will be delayed for at least 1 month.

We’re doing all we can to ship them as soon as possible and will keep you posted.

Read more here: https://t.co/9qaalUCaP8 pic.twitter.com/garP2lEPmG

— Ledger (@Ledger) March 21, 2019

Ledger expects replacement units in late April, so the Nano X should begin shipping soon thereafter, barring any additional surprises in production.

Related Reading | Bitcoin Trades For Over $10,000 On Binance Stable Coin Trading Pair

Ledger also received some negative press following claims it made at the MIT Bitcoin Expo regarding potential vulnerabilities in their closet competitor’s hardware wallet, Trezor, which is produced by SatoshiLabs.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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