Amid crypto downturn, Anchorage Digital has reportedly let go of 17% of its staff. The digital asset bank, valued at $4.2 billion earlier this year, appears to still be feeling pressure from a crypto market that has struggled for an extended stretch.
According to a Friday report from The Information, which cited sources familiar with the situation, CEO Nathan McCauley broke the news to staff this week. The company’s global headcount stood near 400 as of February, a number McCauley disclosed during congressional testimony. If that figure held steady, a cut of 17% would translate to around 68 employees losing their jobs. Anchorage’s core business involves offering custody, trading and staking services to institutional clients.
Anchorage made history in 2021 as the first crypto firm to obtain a national trust charter from the Office of the Comptroller of the Currency, a milestone that helped position it as a leading custodian in the space. The company has since pushed into stablecoin issuance, taking part in Tether’s rollout of its new US-based stablecoin, USAT. This relationship deepened earlier this year when Tether put $100 million into Anchorage as a strategic investment.
Job cuts have become increasingly common across the crypto industry, and Anchorage is just the latest example. Crypto.com said Thursday it would eliminate 12% of its workforce as part of a pivot toward artificial intelligence and automated operations. In a post on X, CEO Kris Marszalek made the stakes clear, arguing that AI represents the future of the business and warning that “companies that do not make this pivot immediately will fail.”
Bitwise Asset Management reduced its team by 14% in August. BitGo followed a similar path in June, cutting 15% of its staff and pointing to shifting industry conditions as the reason. Coinbase, one of the largest players in the space, had already trimmed 14% of its workforce back in May.
