Anchorage Digital Cuts Staff Amid Crypto Market Downturn
Anchorage Digital, a crypto custodian and issuer of regulated stablecoins, has laid off roughly 17% of its staff amid the ongoing crypto market downturn.
The company's workforce reduction affects about 68 positions, according to people familiar with the matter cited by The Information. This comes as Anchorage continues to expand its stablecoin business, issuing Tether's USAT and Western Union's USDPT on Solana.
Anchorage received a national trust charter from the Office of the Comptroller of the Currency (OCC) in January 2021, allowing it to operate as a federally regulated bank. The company had about 400 employees globally as of February, meaning a 17% reduction would represent roughly 68 positions.
This is not an isolated incident; several crypto firms have reduced their workforce this year due to market conditions and restructuring efforts.