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BTC Anchorage Digital Bank cuts 17%, cryptocurrency market downturn exacerbates industry challenges
Anchorage Digital, a US-based federally chartered digital asset bank, was valued at US$4.2 billion earlier this year. As the continued weakness in the cryptocurrency market poses severe challenges for industry companies, the company has cut its global workforce by 17%.
CEO announces layoffs affect 68 employees
CEO Nathan McCauley notified all Anchorage employees this week about the layoffs, according to people familiar with the matter. The adjustment affected about 68 positions. According to reports, as of February this year, the company's total global workforce was approximately 400.
McCauley disclosed the employment data in testimony to Congress earlier this year. Although Anchorage continues to expand its organization in the crypto space, this downsizing still shows the growing financial pressure the company is facing.
Anchorage received a national trust license from the Office of the Comptroller of the Currency (OCC) in 2021 and has since grown into one of the major providers of crypto custody services to institutional customers. Anchorage public relations representatives did not immediately respond to requests for further comment when the report was released.
Market downturn drags down digital asset companies
Over the past year, the cryptocurrency market has experienced continued volatility and weakness. Bitcoin (BTC) briefly broke through the $87,000 mark on Friday, but remains well below the all-time high of $126,000 set in October last year. Analysts point out that continuing market challenges have forced many companies, including Anchorage, to reassess their operating costs.
Despite the challenges it faces, Anchorage is strengthening its presence in the institutional arena and taking on new business in the regulated U.S. crypto ecosystem.
Anchorage expands stablecoin and investment business
The company has recently entered the stablecoin field and supports the issuance of new assets, such as Tether's dollar-linked stablecoin USAT. Earlier this year, Anchorage received a $100 million strategic investment from Tether, marking an important collaboration between the two companies.
By strengthening the infrastructure and services it provides to institutional customers, Anchorage is trying to position itself as a key player in a context of uncertain market conditions. Against this backdrop of volatile asset prices and rapid changes in investor sentiment, digital asset companies are increasingly turning to new growth and diversification strategies.
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