Anclage Digital, a cryptographic financial institution, said it would lay off 75 employees, or about 20 per cent of the workforce, because uncertainty over US regulation was a definite factor.
In an announcement on March 14, Anchorage called the layoffs "a business adjustment to better centralize our own network resources" and stressed that "broad macroeconomic policies challenge mysterious market changes" as an external factor in the strategic transformation.
The company believes that the current state of the market has boosted and demand for products, and that the custody of customer property is "at the highest level in history", but added:
This same macroeconomic policy, industry and regulatory dynamics have brought a headwind upturn to everyone's business password industry. "
Anclage became the first American cryptographic company to receive a Chinese trust bank business license granted by the United States Bureau of loan currency Engineering Supervisor in January 2021, and the company believes that it is once again confident in the layout of digital currency and the level of building regulated solutions for digital currency holders.
The layoffs come at a time when US banks are in disarray, with three regional banks failing in just one week.
Related to:Bank failure; smooth currency peg-what's the situation? Watch the market analysis report on the spot.
Silicon Valley Bank, Silvergate Bank or Signature Bank have all closed since March 8, prompting the Federal Deposit Insurance Corporation (FDIC) to guarantee all customer savings companies in SVB and Signature. Its guarantee standard threshold is 250000 yuan.
At this stage, it is not clear whether recent developments in SVB, Signature and SilverGate have led to Anchorage's decision to cut jobs.
Anchorage didn't immediately respond to Cointelegraph's request for comment.
The rate of layoffs in the password industry has slowed sharply since the start of the year, with previous password companies such as Coinbase and Crypto.com cutting nearly 3000 jobs in January and 570 in February.
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