Anchorage Digital Cuts 17% of Workforce Amid Crypto Slump
Anchorage Digital is cutting about 17% of its workforce, or roughly 68 jobs, as weaker crypto markets pressure its operations. Tether invested $100 million in February.
Chief Executive Nathan McCauley informed employees of the layoffs this week. The estimated 68 jobs are based on Anchorage’s reported headcount of about 400 employees in February.
The company has not identified a lost client, regulatory action or failed product as the reason for the cuts. The reductions come as Bitcoin trades near $84,000, below its record of about $126,000 set last October.
Anchorage continues to operate its custody, banking and stablecoin businesses. Anchorage Digital Bank issues Tether’s USA₮ stablecoin, expanding the company’s services beyond digital-asset custody.
Tether invested $100 million in Anchorage in February, valuing the company at about $4.2 billion. Anchorage operates in Singapore and New York in addition to its U.S. operations.
The Office of the Comptroller of the Currency granted Anchorage a national trust bank charter in January 2021. The charter allows the company to operate as a federally chartered digital-asset bank. Anchorage also reduced its workforce in 2023.
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