Anchorage Digital, the institutional crypto platform and parent company of Anchorage Digital Bank— the first federally chartered crypto bank in the United States — announced that it is laying off roughly 20% of its staff, or 75 people, due to the continuing downturn in digital assets. The company stated that regulatory uncertainty in the United States influenced the decision. In a statement, they said: “The need for better crypto infrastructure is growing ever clearer, and so our focus must be resolutely on our status as an unequivocally qualified custodian— one of the safest and most regulated ways for institutions to participate in the digital asset ecosystem.”
Anchorage joins a plethora of cryptocurrency businesses, including Dapper Labs, Immutable, and Polygon, that have had to make staff reductions this year. According to estimates, since April 2020, the crypto industry has cut around 30,000 jobs.