Regulated Crypto Bank Anchorage Slashes Staff Amid Market Downturn

Anchorage Digital, the federally chartered crypto bank valued at $4.2 billion earlier this year, is cutting roughly 17% of its global workforce.

The reduction translates to approximately 68 positions, based on a global headcount of about 400 as of February.

The layoffs come despite Anchorage's efforts to expand into new lines of business, including stablecoin issuance and supporting the launch of Tether's dollar-backed USAT token.

The company received a national trust charter from the Office of the Comptroller of the Currency in 2021, which positioned it as a leading custodian for institutional clients seeking regulated exposure to cryptocurrencies.