Anchorage Digital, the federally chartered crypto bank and custody provider, has cut approximately 17% of its workforce according to reporting by The Information. The layoffs come despite a recent $100 million investment from Tether and a stated expansion of its institutional settlement business, suggesting internal restructuring rather than a pure revenue shortfall. Anchorage holds an OCC national trust charter, making it one of the most regulated crypto custodians in the U.S.
For Armada's crypto-repo desk, this is a competitive and reputational data point. Institutional clients evaluating custody arrangements will note the operational uncertainty at Anchorage, which competes in the same space as Fireblocks. Armada's positioning around Fireblocks' SOC 2 compliance, no-rehypothecation policy, and operational stability is strengthened when a charter-holding competitor shows workforce volatility. Business development should be prepared to address custody stability questions from family offices and hedge funds during onboarding conversations.