It is unclear if the current layoff process of the Anchorage Digital is happening because of the current turmoil in the banking sector of the USA. The crypto bank has already announced the layoff of their 20% staves because of the uncertainty in the country.
In a statement from 14th March, Anchorage, the crypto bank said that this layoff of employees is their attempt to realign the strategies and to focus on more important resources. They were pointing to the macroeconomic difficulties and the volatility of the crypto market are the most important factors in this decision making process. The market condition has apparently boosted the demands for their products and the under custody assets of their clients are reaching it’s all-time high.
However, the bank has also said that these regulatory dynamics, market are making headwinds for their business in the industry. Anchorage is going to become the first crypto-firm to get grant from the national trust bank charter back in 2021. They have expressed their confidence in the digital asset landscape and their ability to create the regulated solutions for the asset holders.
Anchorage Laying Off 75 Employees:
This layoff by the company is coming at a time when the system in the country is in complete disarray after the different regional banks started going down just after a week. Silvergate bank, Silicon Valley bank and Signature Bank were down.
It is not clear if the decision by the crypto bank is coming because of the new developments in different banks. However, despite attempts we don’t have any reaction from the bank at the time of r=writing. The layoffs were slowing down in the crypto industry since January.