The story was first reported by Bloomberg.

“Macroeconomic headwinds are limiting our ability to generate revenue,” wrote Gauthier. “In response to the current market conditions and business realities, we 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. The 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.