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FollowingAnchorage Digital Bank layoffs 17%: Structural adjustments under industry cost pressures
According to The Information on Friday, Anchorage Digital, the only federally chartered national trust bank in the United States to focus on cryptocurrencies, is facing industry-wide cost pressures and has cut about 17% of its employees. CEO Nathan McCauley informed employees about the layoffs this week.
Scope and specific number of people involved
The layoffs affected about one-sixth of the digital asset platform's employees, but the company did not correspond the "17%" ratio to the specific exact number of people. According to testimony provided by McCauley at a congressional hearing at the time, Anchorage had approximately 400 employees worldwide as of February. If the number of employees at that time remained near that level, the number of people involved in this layoff would be approximately 68.
The company attributed the decision to cost pressures across the industry rather than a single event or business line change, and noted it was part of a broader restructuring effort. Currently, the company has not disclosed the list of affected teams, nor has it stated whether any business units are closing.
Unique regulatory status
The layoffs occurred at an organization that occupies a unique position in the crypto field. In January 2021, Anchorage received its first Federal Trust Banking License for digital asset companies issued by the Office of the Comptroller of the Currency (OCC) and holds additional licenses in other jurisdictions such as New York and Singapore. In February this year, Tether's valuation climbed to $4.2 billion after making a $100 million strategic investment. In addition, the bank continues to expand its work in the stablecoin field, most recently selecting LayerZero at the end of September to achieve cross-chain stablecoin interoperability.
Second round of layoffs
This is not the first time Anchorage has undergone staff cuts. On March 14, 2023, after a strategic review, the company laid off approximately 75 employees, accounting for 20% of its workforce at the time, in an effort to focus its business more on institutional hosting and compliance services. At the time, its banking arm, Anchorage Digital Bank N.A. Not affected. At present, the company has not disclosed whether the latest round of layoffs has affected the banking unit.
It is worth noting that the layoffs in 2023 come at a time of difficult times for the friendly crypto-banking industry, when Silicon Valley Bank (SVB), Signature Bank (Signature Bank) and Silvergate (Silvergate) collapsed one after another.
Industry background and future outlook
While institutions like Tether and Fasanara are actively entering the stablecoin private equity credit space, Anchorage's layoffs reflect a broad wave of cost cuts and efficiency gains across the industry. Anchorage did not point the reason to the loss of customers or regulatory setbacks, but attributed it to the overall environment of the industry.
Signals worth watching for in the coming months include any updates on the size of assets under custody, specific details of the teams affected, and whether there have been changes in the operations of bank subsidiaries.
