Anchorage Digital, a platform for crypto custody and trading, has cut 20% of workforce (75 people), saying its long-term vision requires to "adjust to changing economic, marketplace, and regulatory conditions."
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In a blog post, the first federally chartered digital asset bank emphasized the adjustments were not made in a rush as the company had been working on it over the past several months.
Anchorage noted that although the crypto industry is facing regulatory uncertainty in the US, there are also broad macroeconomic challenges, which have impacted on the decision.
"To be clear, this should in no way be viewed as a reflection on the contributions of those who are leaving. We're immensely grateful for all they have done to help build Anchorage Digital and we will be doing all we can to ensure a smooth transition," the company said.
The San Francisco-headquartered company reassured its clients that the change will not disrupt the service. However, Anchorage didn't elaborate on which positions have been cut.
In April last year, Anchorage faced scrutiny from the Office of the Comptroller of the Currency (OCC), which criticized the company over inadequate internal controls for customer due diligence and procedures for monitoring suspicious activity. Anchorage neither admitted nor denied the OCC's findings.
Founded in 2017, Anchorage raised a total of $487 million in funding over five rounds so far, according to Crunchbase. The crypto bank received funding from Andreessen Horowitz, Blockchain Capital and others.
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