Anchorage Digital said it would cut 75 positions (20% of staff). In a regulated crypto bank, the decision was explained as necessary to adapt to changing economic, market and regulatory conditions.
According to the statement, the altered operating landscape is characterized by increased regulatory uncertainty, macroeconomic problems and volatility in the crypto market.
The restructuring will allow the company to focus on priority areas and meet growing demand for regulated solutions.
The company stressed resilience and growth, noting a record-high level of client assets under custody.
The crypto bank offers custody, staking, lending and trading of digital assets, as well as infrastructure solutions.
The organization holds a license from the Office of the Comptroller of the Currency within the U.S. Treasury.
In June 2022, Anchorage Digital announced the launch of Ethereum staking for institutional investors.
In October, the crypto bank became a partner with Apollo Global Management. Together they launched a service for storing cryptocurrencies.
Earlier this year, Microsoft fired about 10,000 people. PayPal laid off 2,000 employees, or about 7% of its staff.
According to a CoinGecko report, in January 2,806 people lost their jobs in the digital asset sector. 84% of layoffs were at crypto exchanges.
Earlier, layoffs were reported by Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno, Matrixport, Chainalysis, Bittrex, Messari and a number of other sector companies.