Anchorage Digital Slashes Staff Amid Weaker Crypto Market Conditions

Financial services company Anchorage Digital has announced it will be cutting 17% of its workforce, affecting approximately 68 jobs. The layoffs come despite a recent $100 million investment from Tether that valued the company at around $4.2 billion in February.

The exact reason for the cuts is unclear, but CEO Nathan McCauley told employees that weaker crypto market conditions are to blame. This is not Anchorage's first round of layoffs, as the company reduced its workforce in 2023 as well.

Anchorage operates as a federally chartered digital asset bank and has expanded its stablecoin business, issuing Tether's USA₮ stablecoin.