The head of Czech hardware crypto-wallet maker Trezor, Matěj Žák, has explained why the company cut almost 15% of its staff despite posting the second-best revenue year in its history — more than a billion crowns. The reason, he says, isn’t artificial intelligence but a falling cryptocurrency market and a desire to keep the business profitable.

Trezor is one of the most recognizable brands in the hardware crypto-wallet market, founded by the company SatoshiLabs. A few weeks ago, management made the difficult decision to part ways with around thirty employees — about 15% of the whole team. Matěj Žák is 35, has worked at the company for eight years, and gradually rose to the position of CEO.

“We’re in a falling…