US crypto bank Anchorage Digital announced it will be cutting staff levels by 20% citing regulatory uncertainty in the country as a key factor.
Crypto bank Anchorage Digital announced it would be letting go of 75 employees, representing approximately 20% of its workforce, citing regulatory uncertainty in the United States as a factor in its decision.labeled the layoffs as “a strategic realignment to better focus our resources,” and pointed to “broad macroeconomic challenges, and crypto market volatility” as other factors contributing to its shift in strategy.
It said the market conditions had boosted demand for its product and client assets under custody"are at an all-time high," but added: "These same macroeconomic, market, and regulatory dynamics are creating headwinds for our business and the crypto industry.”granted a national trust bank charter from the Office of the Comptroller of the Currency in January 2021 — expressed continued confidence in the digital asset landscape and its ability to build “regulated solutions for digital asset holders.”
The layoffs come at a time when the banking system in the U.S. is in a state of disarray after three regional banks went under in just one week.
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