Anchorage Digital is cutting about 17% of its workforce, affecting roughly one in six employees, as the crypto sector faces broad cost pressures. Chief executive Nathan McCauley informed staff this week, while the company has not provided an exact headcount or identified affected teams and business units. Anchorage had roughly 400 employees globally in February, implying about 68 positions if staffing remained unchanged. The company has not linked the cuts to a particular event, client loss, regulatory setback or business line. Anchorage received the first federal trust bank charter for a digital asset company from the Office of the Comptroller of the Currency in January 2021 and also holds licenses in New York and Singapore. Its valuation rose to $4.2 billion in February after Tether made a $100 million strategic investment. The company recently selected LayerZero for cross-chain stablecoin interoperability. The reduction follows a March 14, 2023, round of cuts involving about 75 employees, or roughly 20% of staff, after a strategic review focused the company on institutional custody and regulated services. Anchorage Digital Bank N.A. was not affected by that earlier round, and Anchorage has not said whether the banking subsidiary is involved in the latest cuts. The company said the coming months will be watched for updates on assets under custody, affected teams and any changes to the subsidiary's operations.