Crypto bank Anchorage Digital cuts 20% of staff amid regulatory uncertainty, market volatility

Crypto bank Anchorage Digital cuts 20% of staff amid regulatory uncertainty, market volatility

Anchorage Digital, the only federally chartered crypto bank in the U.S., said Tuesday that it would cut about 20% of its staff amid regulatory uncertainty in the U.S., macroeconomic challenges and crypto market volatility. 

“The strategic adjustments we are undertaking have been developed over the course of a several months-long review process,” the company said in a statement, adding it had laid off 75 employees. While it said that its business was growing, it pointed to the “macroeconomic, market, and regulatory dynamics” that are “creating headwinds for our business and the crypto industry.”

The announcement came just days after regulators took control of crypto friendly Signature Bank and Silicon Valley Bank amid runs on deposits and questions about their solvency. While both of those institutions were chartered and regulated by state agencies, Anchorage Digital operates under the oversight of the federal Office of the Comptroller of the Currency.

“Our clients should experience no disruption in service,” the company said. “We remain optimistic about the digital economy and our place within it.”

Anchorage Digital raised $350 million in a 2021 Series D funding round that was led by KKR at a valuation of $3 billion. Other investors included Goldman Sachs, BlackRock, PayPal Ventures, Andreessen Horowitz, Alameda Research, Apollo credit funds,  Singaporean sovereign wealth fund GIC, GoldenTree Asset Management, Wellington Management and private equity firm Thoma Bravo.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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