Crypto Platform Anchorage Digital Laying Off 20% of Its Staff

Anchorage Digital is laying off roughly 20% of its staff, or 75 people, owing to the ongoing downturn in digital assets, according to a post from the company.

The institutional crypto platform and parent company of Anchorage Digital Bank, the first federally chartered crypto bank in the country, said regulatory uncertainty in the U.S. played a role in its decision to cut staff, in addition "to broad macroeconomic challenges and crypto market volatility."

"Those combined conditions have resulted in heightened demand for the safe and secure digital asset products and services, which we provide," the company wrote. "In fact, our client assets under custody are at an all-time high. However, these same macroeconomic, market, and regulatory dynamics are creating headwinds for our business and the crypto industry."

Anchorage’s cuts follow a host of other crypto firms, including Dapper Labs, Immutable and Polygon, that have reduced staff this year. Going back to April of last year, CoinDesk estimates that crypto firms have eliminated close to 30,000 jobs.

Bloomberg previously reported on Anchorage's layoffs.

UPDATE (March 15, 13:59 UTC): Removed 'Bloomberg' from headline, added quote from company's post.