Anchorage Digital, a US-based digital asset bank, has reportedly reduced its workforce by 17%. The company, which held a valuation of $4.2 billion earlier this year, is adjusting its operations amid a prolonged downturn in the cryptocurrency market.
According to reports, CEO Nathan McCauley communicated the decision to staff this week. Based on previous data from February, when the firm employed approximately 400 people, the layoffs are estimated to affect around 68 employees.
Despite the staff reduction, Anchorage continues to focus on institutional services. The company, which secured a national trust charter from the Office of the Comptroller of the Currency in 2021, is currently expanding its activities into stablecoin issuance.
The firm is involved in the development of Tether’s new US stablecoin, USAT. Earlier this year, Anchorage also received a strategic investment of $100 million from Tether to support its institutional growth initiatives.
