Anchorage Digital Cuts 17% of Workforce Amid Expansion

Anchorage Digital Trims Staff

Anchorage Digital, a prominent crypto custodian and infrastructure provider for institutional investors, has reportedly cut 17% of its workforce. The reduction in staff was reported by multiple sources and comes as the company focuses on scaling its operations.

Expansion Despite Cuts

Despite the layoffs, Anchorage Digital is actively expanding its services. The firm recently moved into stablecoin issuance and secured a $100 million investment from Tether, the issuer of USDT. This investment signals confidence in Anchorage's long-term prospects and its role in the evolving digital asset landscape.

Institutional Focus Remains

Anchorage Digital primarily serves institutional clients, offering services such as secure custody of digital assets and trading solutions. The company has positioned itself as a key player in bridging traditional finance and the crypto market. The restructuring appears designed to streamline operations and prioritize growth areas within its institutional focus.

Details regarding the specific roles affected by the layoffs have not been disclosed, but the move suggests a strategic shift within the organization. Anchorage Digital did not immediately respond to requests for comment.

Source: Cointelegraph