It’s giving major 'crypto winter never ends' energy. Anchorage Digital, the first-ever federally chartered crypto bank in the U.S., is reportedly slashing 17% of its workforce. With the firm previously sitting at around 400 employees, we’re looking at roughly 68 people getting the boot, per The Information. ## The irony of the situation The timing here is definitely a plot twist. Anchorage is still out here trying to secure its institutional bag, having recently dived into the stablecoin game by supporting Tether’s new USAT token. They even locked in a massive $100 million strategic investment from Tether earlier this year. But real talk? Even with a $4.2 billion valuation, the broader market vibes are still off. While Bitcoin (BTC) did pop back over $87,000 recently, it’s still nowhere near the $126,000 peak we saw last October. The industry is still feeling the heat from a prolonged downturn, and it looks like even the big players aren't immune to the pressure. ## Why it matters Anchorage is a major player in the space—they’ve held a national trust charter from the Office of the Comptroller of the Currency since 2021. Seeing them scale back despite their expansion shows that even high-profile crypto infrastructure isn't exempt from macroeconomic gravity. Remember, this isn't financial advice; always do your own research before jumping into the market.