Anchorage Digital Cuts 17% of Workforce Amid Crypto Downturn

Federally chartered US digital asset bank Anchorage Digital has reportedly cut 17% of its workforce, according to The Information. The workforce reduction highlights ongoing pressures from the prolonged crypto market downturn, even as the firm continues to expand its institutional footprint.

Citing people familiar with the matter, the report stated that CEO Nathan McCauley informed employees of the layoffs this week. Anchorage previously reported having about 400 global employees in February during congressional testimony, indicating a reduction of roughly 68 positions if headcount remained consistent.

Institutional Expansion

The workforce cuts coincide with Anchorage growing its role within the regulated United States crypto sector. The firm secured a national trust charter from the Office of the Comptroller of the Currency in 2021 and has established itself as a prominent digital asset custodian.

Recent strategic developments at the company include stablecoin issuance efforts, such as supporting Tether's new US stablecoin USAT. Earlier this year, Anchorage also secured a $100 million strategic investment from Tether.

Key facts

• Anchorage Digital has reportedly cut 17% of its workforce.
• CEO Nathan McCauley informed employees of the layoffs this week, according to The Information.
• Anchorage had about 400 global employees as of February.
• The firm previously secured a $100 million strategic investment from Tether earlier this year.