According to CoinDesk, Ledger, a crypto wallet hardware maker, is laying off 12% of its staff, as announced by the company's CEO, Pascal Gauthier. The news was initially reported by Bloomberg. Gauthier stated that macroeconomic headwinds are limiting the company's ability to generate revenue and, in response to the current market conditions and business realities, they must reduce roles across the global business. The Paris-based company has 734 employees, according to LinkedIn, so a 12% cut would mean the elimination of roughly 88 jobs. These cuts come just months after Ledger announced it had raised most of a $109 million funding round at around a $1.4 billion valuation. Job losses have become the norm across the crypto industry during this bear market. Earlier this week, blockchain analytics firm Chainalysis laid off 15% of its staff.