Crypto bank Anchorage is making layoffs

Anchorage Digitalan American custodian specializing in cryptocurrency backed by Goldman Sachs and a16z, has fired about 20% of its staff.

In the face of current market conditions and regulatory uncertainty about the crypto in the United States, Anchorage Digital has cut its workforce and separated 20% of its workforce, or about 75 employeesreported Bloomberg Tuesday night.

Founded in California in 2017, Anchorage offers services including. conservationfor the digital assetsincluding for cryptocurrencies like Bitcoin.

By the end of 2021, the crypto-bank closed a $350 million funding round, boosting its valuation to over 3 billion dollars. Several giants, including GS, Blackrock and KKR, are backing the San Francisco-based company. Note that this is the first crypto company in the United States to obtain a federal banking license.

The layoffs at Anchorage come at a time when many crypto industry players have been cutting back on their teams for several months now as they await better days.