Anchorage Digital Will Reduce its Workforce By 20%

Crypto bank Anchorage Digital has announced it would be cutting its workforce by 20%, or 75 employees, due to the uncertain regulatory environment in the United States.

The company yesterday announced the decision is part of a strategic realignment in response to “broad macroeconomic challenges and crypto market volatility,” despite a high demand for their product and customer assets under custody being at an all-time high.

Anchorage, which is the first US-based crypto company to receive a national trust bank charter from the Office of the Comptroller of the Currency earlier this year, has expressed its confidence in the digital asset landscape and their ability to offer regulated solutions for digital asset holders.

These layoffs come at a time when the banking system in the US is facing turmoil following the failure of three regional banks in the span of only one week.