Key facts
- US digital asset bank Anchorage Digital has reportedly laid off 17% of its workforce.
- The company was valued at $4.2 billion earlier this year.
- Anchorage received a $100 million strategic investment from Tether earlier this year.
- Anchorage expanded into stablecoin issuance, including Tether's USAT.
- The crypto market downturn was cited as a backdrop for the workforce reduction.
Anchorage Digital, a federally chartered US digital asset bank valued at $4.2 billion earlier this year, has reportedly laid off 17% of its workforce. The cuts, which CEO Nathan McCauley reportedly informed employees of this week, suggest the prolonged crypto market downturn is weighing on the company. As of February, Anchorage had approximately 400 employees globally, meaning a 17% reduction would amount to roughly 68 jobs. The Information reported the news, citing people familiar with the matter. The company has been expanding its institutional footprint, including into stablecoin issuance with Tether's new US stablecoin USAT, and received a $100 million strategic investment from Tether earlier this year. Bitcoin (BTC) briefly recovered above $87,000 on Friday but remains below its peak of $126,000 reached last October, reflecting the broader market struggles cited as a backdrop for the workforce reduction.