Anchorage Digital Cuts 17% of Workforce as Market Slump Weighs

Anchorage Digital, the federally chartered U.S. digital-asset bank, has cut 17% of its workforce amid the market downturn, Cointelegraph reported.

Nathan McCauley, Anchorage Digital's chief executive officer, informed employees of the layoffs this week, according to the Oct. 2 report. The company had about 400 employees worldwide at the time, meaning roughly 68 jobs were eliminated.

Anchorage Digital is a federally chartered digital-asset bank that was valued at $4.2 billion earlier this year. In 2021, it became the first crypto company to receive a national trust charter from the Office of the Comptroller of the Currency. It has since grown into a major crypto custodian.

The company has also recently expanded its stablecoin issuance business. It participated in the issuance of Tether's U.S. dollar-pegged stablecoin USAT and secured a $100 million strategic investment from Tether earlier this year.