Anchorage Digital Cuts 17% of Workforce Amid Market Downturn

Anchorage Digital, a federally chartered U.S. digital asset bank, has laid off 17% of its staff, affecting approximately 68 employees. CEO Nathan McCauley announced the cuts this week, citing the prolonged crypto market downturn as a primary factor. Despite the reduction, the firm, valued at $4.2 billion, continues to expand its operations, recently gaining attention for its involvement in Tether's stablecoin initiatives and securing a $100 million strategic investment.