Anchorage Digital Cuts 17% of Staff Months After $4.2B…
By Abdelaziz Fathi
AI summary of the source article
Federally chartered crypto bank Anchorage Digital has reportedly cut 17% of its workforce, with CEO Nathan McCauley informing employees during the past week. The reductions were linked to prolonged digital asset market downturns, though the company has not released public financial results detailing the impact on revenues or assets under custody. The cuts follow eight months after Tether made a $100 million strategic equity investment that valued Anchorage at $4.2 billion and included an employee tender offer. Despite cost pressures, Anchorage has continued expanding, having launched Tether's USA₮ stablecoin and introduced stablecoin infrastructure for international banks.
Why it matters
The staff cuts highlight persistent cost pressures in the digital asset sector even as federally regulated institutions expand into tokenized dollar and stablecoin infrastructure.
Key facts
- Anchorage Digital reportedly cut 17% of its staff, having previously laid off roughly 20% of its workforce in 2023.
- Tether completed a $100 million strategic equity investment in Anchorage eight months earlier, valuing the firm at $4.2 billion.
- Anchorage Digital Bank was selected by Tether to issue its U.S.-focused dollar stablecoin, USA₮.