$4.2B crypto bank Anchorage Digital cuts 17% of workforce: Report
The reported cuts come as Anchorage expands its institutional footprint, including stablecoin issuance and a $100 million investment from Tether.
Anchorage Digital, a $4.2 billion crypto bank, has reduced its workforce by 17%, according to a report from The Information. The cuts, which would result in roughly 68 job losses, came amid a protracted market downturn in the crypto sector. CEO Nathan McCauley informed employees of the reductions this week. The company, valued at $4.2 billion earlier this year, has been expanding its institutional presence, including stablecoin issuance and a $100 million investment from Tether.
Anchorage Digital, a federally chartered U.S. digital asset bank, had around 400 employees globally as of February. The workforce reduction is seen as a response to the ongoing challenges faced by the crypto markets.
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