Sirin and Ledger forced to layoff workers
- Sirin was forced to lay off 25% of its staff following poor blockchain phone sales.
- Ledger is also looking to lay off 10% of its staff following poor wallet sales.
As per Globes, the Israel-based Sirin Labs were forced to lay off 25% of its staff following poor sales of its Finney blockchain phone. Sirin Labs said: “The global market is not in the best state...Sales are not what we expected."
Sirin Labs is managed by Moshe Hogeg, the flagship startup of Hogeg and the Singulariteam investment fund. In December 2017, Sirin Labs raised $158 million in ICO. Before that, they had raised $97 million, making a total of $255 million since it was founded. The value of its native SRN tokens has dropped by 99% since its peak in January 2018.
On the other hand, Ledger, the leading crypto hardware wallet manufacturer, is thinking about laying off 10% of its workforce. An unnamed investor told French news outlet, Presse Citron, that the company’s business has dropped sharply throughout the bear market. The investor said:
“At one point, they exceeded 10 million [in] monthly revenues. This is clearly no longer the case. Fortunately for Ledger, it raised a lot of money, "at the best moment", to anticipate a trend reversal.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
