Cryptocurrency bank Anchorage Digital will lay off approximately one-fifth of its staff, according to a report from Bloomberg on March 14.

Bloomberg reported that, based on statements from Anchorage itself, 75 employees amounting to 20% of the company’s staff would be laid off.

Anchorage cited regulatory uncertainties as the reason for those layoffs and said that it would focus on its role as an “unequivocal qualified custodian.”

Though Anchorage did not reveal any particular regulatory concerns, it is notable that it announced layoffs shortly after three crypto-adjacent banks closed down or were shut down by regulators. Silvergate halted all operations on March 8, Silicon Valley Bank collapsed on March 10, and Signature Bank was closed by regulators on March 13.

Anchorage Digital operates as a federally chartered bank. Though Bloomberg drew attention to Anchorage’s conflict with the Office of the Comptroller of the Currency (OCC) last year, the firm did not state whether current events will affect its banking functions.

(By Mike Dalton)