- They assure that the banking division was not affected.
- But the company needs a restructuring
California blockchain platform Anchorage Digital fired 75 employees, or about 20% of the staff. They are restructuring the business in response to regulatory issues in the US and declining demand for certain digital assets.
Details can be read in the official statement of the company. They write that they have been closely monitoring the situation on the market for the past few months.
“The downsizing is a response to the changing situation that the crypto industry as a whole is facing. It is driven by regulatory uncertainty in the US, broad macroeconomic issues, and the volatility of the cryptocurrency market.”
The company also noted that it does not see much demand for certain types of digital assets, especially NFTs and Litecoin cryptocurrency.
The Anchorage situation
The holding has a subsidiary banking company Anchorage Digital Bank, which works with digital assets and is regulated by local authorities. The company assures that the bank will not suffer from layoffs.
They specifically emphasized that Anchorage Digital Bank’s client assets were not at risk during the recent closure of American crypto banks Silvergate and Signature Bank.
Anchorage Bank provides digital asset custody services for institutional clients. They were supposed to be one of the key banks to take over the Silvergate and Signature clientele.