Anchor Digital Cuts 17% of Workforce Amid Market Downturn
Anchor Digital, a federally chartered digital-asset bank in the US, has laid off 17% of its workforce amid market downturn. The company had around 400 employees worldwide at the time, meaning roughly 68 jobs were eliminated. This move comes as Anchor Digital, valued at $4.2 billion earlier this year, continues to expand its business.
The layoffs were informed by CEO Nathan McCauley to employees this week, according to a report from Cointelegraph on October 2nd. Anchor Digital gained national trust charter status in 2021 and has since grown into a major crypto custodian.
The company recently expanded its stablecoin issuance business, participating in the USAT issuance of Tether's U.S. dollar-pegged stablecoin and securing a $100 million strategic investment from Tether earlier this year.