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San Francisco-based cryptocurrency bank Anchorage Digital has decided to cut back nearly 20% of its workforce citing the uncertain crypto regulatory landscape in the United States.
The digital asset sector is reeling under intense heat as regulatory bodies rise policies that have the potential to harm the industry. Recently, the American financial watchdog continue the offensive to attack some crypto companies and disrupt their operations. The recent crackdown comes after a series of failures by several well-known crypto firms last year.
Amid ongoing market routs, crypto-focused companies are grappling to escape dire financial straits. The recent collapse of Silicon Valley Bank (SVB) and Signature Bank has added to the woes of the entire crypto ecosystem. After such looming uncertainty, yet another crypto platform, Anchorage has become the latest industry entrant to add to the string of milestone events that have rocked crypto banks in the US.
Other Crypto Banks Feeling Market Jitters
according to an official pers conference, Anchorage Digital announced it will be shedding 75 employees, or roughly 20% of its workforce following the dramatic closures of three crypto-friendly lenders — Silvergate Bank, Signature Bank, and Silicon Valley Bank.
Anchorage Digital cites uncertain US crypto regulatory landscape while slashing 20% of its staff https://t.co/XfmqiUSy2M
— Bloomberg (@business) March 14, 2023
On March 14, the financial institution noted the layoffs as a strategic realignment to focus more on its resources citing macroeconomic challenges and crypto market volatility as another factor that contributed to his decision. Harbor explained,
“We have restructured our team and will be parting ways with 75 employees (about 20% of our team). This is in response to the evolving landscape facing the crypto industry at large, shaped by regulatory uncertainty in the US, broad macroeconomic challenges, and crypto market volatility.”
Crypto Soars Despite Collapse
Despite the fall, the cryptocurrency market has remained unaffected continue uphill towards greener pastures. At the time of writing, the global crypto market capitalization was up 1.66% to $1.09 trillion. The total crypto market volume over the last 24 hours jumped 13.76% to $99.36 billion.
At the same time crypto heavyweights Bitcoin (BTC) and Ethereum (ETH) gained more than 1% to trade at $24,717 and $1,699 respectively. Major altcoins include XRP, Solana (SUN), Polygon (MATIC) and Polkadot (DOT) among others also traded higher. However, Cardano (ADA) slipped 0.19% in the last 24 hours to hover at $0.34.
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