Anchorage Digital trims 17% of crew while BTC can't even trim its losses 📉

Anchorage Digital, a federally chartered US digital asset bank valued at $4.2 billion earlier this year, has cut approximately 17% of its workforce, according to people familiar with the matter cited by The Information on Friday. CEO Nathan McCauley informed employees of the reductions this week. The company had about 400 employees globally as of February, per McCauley's congressional testimony at the time, meaning a 17% reduction would amount to roughly 68 jobs if its headcount remained around that level. A public relations contact representing Anchorage did not immediately respond to a request for confirmation from Cointelegraph.

The layoffs arrive against a backdrop of a prolonged crypto market downturn. Bitcoin ($BTC) climbed back above $87,000 on Friday but remains well below its peak of $126,000 reached last October. The Information cited the broader market weakness as the context for Anchorage's workforce reduction.

Even as it trims staff, Anchorage has continued expanding its regulated footprint. The company received a national trust charter from the Office of the Comptroller of the Currency in 2021, becoming the first crypto firm to obtain one, and has since grown into a major digital asset custodian. More recently, it has moved into stablecoin issuance, including backing Tether's new US stablecoin USAT. Earlier this year, Anchorage received a $100 million strategic investment from Tether.