Anchorage Digital Cuts 17% of Workforce Amid Expansion

Anchorage Digital, a prominent crypto bank, has reportedly cut 17% of its workforce. The move is part of the company's ongoing expansion into institutional services. This includes the issuance of stablecoins and a $100 million investment from Tether, a leading stablecoin issuer. The cuts amount to a significant reduction in staff, totaling around $4.2 billion in annual salary costs. The layoffs come as Anchorage continues to grow its institutional footprint, a trend that is gaining momentum in the crypto industry.