Anchorage Digital Cuts Staff as Crypto Custody Firm Expands Services

Anchorage Digital, a leading crypto custodian, has reportedly cut 17% of its staff, according to The Information. The reduction comes shortly after the company secured a $100 million investment from Tether and expanded its institutional settlement business.

The layoffs highlight the challenging environment for crypto firms, even those with strong institutional backing. Anchorage Digital has positioned itself as a key player in the custody space, serving both individual and institutional clients.

Despite the staff cuts, the company continues to grow its settlement services, which allow clients to transact directly on blockchain networks. The recent Tether investment underscores confidence in Anchorage Digital’s long-term prospects.