Anchorage Digital Cuts 17% of Workforce Amid Prolonged Crypto Downturn

Anchorage Digital, a US digital asset bank valued at $4.2 billion, has cut 17% of its workforce in response to the prolonged crypto market downturn.

The company, which had around 400 employees globally as of February, informed staff about the layoffs this week, according to CEO Nathan McCauley's congressional testimony.

The reduction amounts to roughly 68 jobs, with crypto markets struggling over the past year. Bitcoin briefly recovered above $87,000 on Friday but remains below its peak reached last October.

Anchorage has expanded its role in the regulated US crypto industry, becoming a major crypto custodian and issuing stablecoins, including Tether's new US stablecoin USAT.