Anchorage Digital, the federally chartered digital asset bank in the U.S., has laid off 17% of its workforce, according to a Friday report from The Information citing people familiar with the matter. CEO Nathan McCauley told employees about the decision this week. Based on Anchorage’s previously reported global headcount of about 400 employees as of February, the reduction would affect roughly 68 roles. The company was valued at $4.2 billion earlier this year.
The Information linked the layoffs to a year-long slump in the crypto market. Bitcoin briefly climbed back above $87,000 on Friday, though it remained well below its $126,000 peak from October last year. Even as it trims staff, Anchorage is still expanding its footprint in the regulated U.S. crypto sector. The company became the first crypto firm to receive a national trust charter from the Office of the Comptroller of the Currency in 2021 and has since grown into a major crypto custody provider. More recently, it moved into stablecoin issuance, including participation in Tether’s new U.S. stablecoin USAT, and earlier this year received a $100 million strategic investment from Tether.
Anchorage Digital, a federally chartered digital asset bank in the United States, has laid off 17% of its staff, The Information reported on Friday, citing people familiar with the matter. CEO Nathan McCauley informed employees of the decision this week.
Anchorage was valued at $4.2 billion earlier this year. As of February, the company had about 400 employees worldwide, which implies the cuts affect roughly 68 positions.
The Information attributed the layoffs to a year-long downturn in the crypto market. Bitcoin briefly rose above $87,000 on Friday, but it was still far below the $126,000 high reached in October last year.
Expansion continues in regulated U.S. crypto business
The job cuts come as Anchorage continues to expand its presence across 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. It later developed into a major crypto custody provider.
More recently, Anchorage expanded into stablecoin issuance, including participation in Tether’s newly launched U.S. stablecoin, USAT. Earlier this year, the company also received a $100 million strategic investment from Tether.
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