Anchorage Digital Lays Off 17% of Workforce Amid Cryptocurrency Market Downturn

Anchorage Digital, a federally chartered digital asset bank based in the United States, has laid off 17% of its workforce, affecting approximately 68 employees. This decision was communicated to staff by CEO Nathan McCauley earlier this week. The layoffs come as the company faces challenges stemming from a prolonged downturn in the cryptocurrency market, which has persisted for over a year.

Earlier this year, Anchorage Digital was valued at $4.2 billion and had a global workforce of around 400 people. Despite the layoffs, the company is actively expanding its operations within the regulated U.S. cryptocurrency industry. Anchorage made history in 2021 by becoming the first cryptocurrency firm to secure a national trust charter from the Office of the Comptroller of the Currency, positioning itself as a significant player in cryptocurrency custody services.

In addition to its core services, Anchorage has recently ventured into the stablecoin issuance sector, participating in Tether's newly launched U.S. stablecoin, USAT. Earlier this year, the company also attracted a strategic investment of $100 million from Tether, indicating ongoing confidence in its business model despite the current market challenges.

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Source: KLEA News