Anchorage Digital, the federally chartered U.S. digital asset bank that was valued at $4.2 billion earlier this year, has reportedly cut 17% of its workforce, according to The Information. The report, which cited people familiar with the matter, said CEO Nathan McCauley told employees about the reductions this week. Based on McCauley’s congressional testimony in February that Anchorage had about 400 employees globally, the reported reduction would equal roughly 68 jobs if headcount had stayed near that level. Cointelegraph said it contacted a public relations representative for Anchorage but did not receive an immediate response. The report placed the layoffs against a weak crypto market over the past year, noting that Bitcoin briefly rose above $87,000 on Friday but remained far below its $126,000 peak from last October. The cuts come even as Anchorage keeps adding to its institutional presence in the regulated U.S. crypto sector. The company received a national trust charter from the Office of the Comptroller of the Currency in 2021, has grown into a major crypto custodian, has moved into stablecoin issuance including Tether’s new U.S. stablecoin USAT, and earlier this year received a $100 million strategic investment from Tether.
Anchorage Digital has reportedly cut 17% of its workforce, even as the federally chartered U.S. digital asset bank keeps widening its reach in institutional crypto.
The Information reported Friday, citing people familiar with the matter, that CEO Nathan McCauley told employees about the job cuts this week. Anchorage was valued at $4.2 billion earlier this year.
McCauley said in congressional testimony in February that the company had about 400 employees globally at the time. If staffing remained near that level, a 17% reduction would work out to roughly 68 jobs.
Company did not immediately confirm the report
Cointelegraph said it contacted a public relations representative for Anchorage seeking confirmation, but did not receive an immediate response.
Layoffs come as market weakness persists
The Information framed the cuts against the weak state of the crypto market over the past year. Bitcoin briefly recovered above $87,000 on Friday, but it remains well below the $126,000 peak it reached last October.
Anchorage keeps building its regulated U.S. crypto role
The layoffs were reported as Anchorage continues to expand its position in the regulated U.S. crypto sector. In 2021, the company became the first crypto firm to receive a national trust charter from the Office of the Comptroller of the Currency, and it has since grown into a major crypto custodian.
More recently, Anchorage moved into stablecoin issuance, including Tether’s new U.S. stablecoin, USAT. Earlier this year, the company also received a $100 million strategic investment from Tether.
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