Anchorage Digital Reportedly Cuts 17% of Staff Amid Crypto Downturn
The federally chartered crypto bank's CEO told staff about the cuts this week, according to The Information, tying them to a prolonged market slump.
Anchorage Digital, which holds the first federal charter issued to a US digital asset bank, has reportedly reduced its workforce by 17%, according to a report from The Information citing people familiar with the matter.
Chief executive Nathan McCauley informed employees of the cuts this week, the report said. The publication attributed the decision to a crypto market slump that has stretched on for roughly a year.
Anchorage has not publicly confirmed the reduction, and the company has not issued a statement on the reported figure. The exact number of employees affected, and which teams were hit, were not disclosed in the report.
A broader industry pattern
The reported cuts add Anchorage to a growing list of crypto firms that have trimmed headcount during the downturn. Custody providers and regulated crypto banks have faced pressure as trading volumes and asset prices fell, weighing on the fee revenue that supports their operations.
Anchorage operates under a national trust bank charter from the Office of the Comptroller of the Currency and provides custody and related services to institutional clients. The reported layoffs have not been verified by the company, and further details on the scope of the reduction may follow.