Anchor Cuts 17% of Workforce Amid Prolonged Crypto Downturn
Anchor, a US-based digital asset bank valued at $4.2 billion in February, has cut around 17% of its workforce. According to people familiar with the matter, CEO Nathan McCauley informed employees about the layoffs this week.
The company had approximately 400 employees globally as of February, meaning a 17% reduction would amount to roughly 68 jobs if its headcount remained at that level. Anchor has expanded its institutional footprint in recent times, becoming the first crypto company to receive a national trust charter from the Office of the Comptroller of the Currency in 2021.
The layoffs come as the prolonged crypto market downturn weighs on the company. Despite Bitcoin briefly recovering above $87,000 on Friday, it remains well below its $126,000 peak reached last October.