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Another crypto platform lays off 20% of its staff

Meta reportedly plans to downsize staff in metaverse silicon unit

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TL;DR

  • Anchorage Digital lays off 20% of its staff.
  • The crypto company cited regulatory uncertainty in the United States as the reason for the layoff.

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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