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Crypto Platform Anchorage Cuts 20% of Workforce

Anchorage Digital Bank, a provider of digital asset storage services, announced the decision to reduce the workforce.

Crypto Platform Anchorage Cuts 20% of Workforce

Source: Pixabay.com

This bank will lay off 75 employees. This number of jobs is about 20% of the total workforce of the company. The management of the financial institution explains its decision by the necessity associated with the implementation of efforts to restructure the business and the uncertainty about further measures to regulate the industry.

The only federal digital asset bank in the United States operating under the supervision of the OCC said that the lack of a clear understanding of the logic of future actions of regulators, problems in the field of macroeconomics, and high volatility of the cryptocurrency market were the factors that provoked a significant increase in demand for the services of a financial institution.

But the general recession and total uncertainty have become for Anchorage not only the circumstances of growth but also negative external conditions that necessitated the strategic reorganization of the business. Adaptation to the current economic realities requires a reduction in the workforce.

In a statement issued by the bank on the occasion of the adoption of sensitive measures, it is said that the financial institution remains optimistic about the future of the digital economy and its place in this industry. Anchorage management is also convinced that the status of an unconditionally qualified custodian of digital assets will allow for adapting to the upcoming realities.

The bank was founded in 2017. Since then, many well-known investors have become clients of financial institutions. The bank helps to keep assets in cryptocurrency safe. The financial institution has also expanded its range of products and services, from placing bets and managing them to financing and lending, trading, and DeFi.

As we have reported earlier, Crypto.com Cuts Global Workforce 20%.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.