Digital asset custody services provider Anchorage Digital Bank is cutting 75 jobs - about 20% of its headcount - as it restructures in the face of market conditions and regulatory uncertainty.
America's only federally chartered digital asset bank operating under the oversight of the OCC says that regulatory uncertainty, macroeconomic challenges, and crypto market volatility have stoked demand for its services.
However, they have also created problems for the industry and Anchorage specifically, leading to the decision to cut 75 jobs as part of a "strategic realignment".
Says a statement: "Looking ahead, we remain optimistic about the digital economy and our place within it. We’re particularly confident that our status as an unequivocal qualified custodian for digital assets will position Anchorage Digital for what’s ahead."
Since launching in 2017, Anchorage has signed up a host of big name institutional investors as clients, helping them to keep their crypto assets safe. The firm has also expanded into a range of products and services, from staking and governance, to financing and lending, to trading and DeFi.