Anchorage Digital, a cryptocurrency custodian and digital asset platform, has announced a team restructuring that will result in the reduction of approximately 20% of their workforce (75 employees), citing market conditions.

 "...today we are announcing that we will be initiating a strategic realignment to better focus our resources. That process includes the difficult but necessary decision to reduce our headcount. " the firm wrote in the statement.

When explaining why this decision was made, Anchorage mentioned an evolving landscape facing the crypto industry, which includes regulatory uncertainty in the U.S., broad macroeconomic challenges, and crypto market volatility.

"To be clear, this should in no way be viewed as a reflection on the contributions of those who are leaving. We’re immensely grateful for all they have done to help build Anchorage Digital and we will be doing all we can to ensure a smooth transition." the firm added.

"Our clients should experience no disruption in service," the company said. "We remain optimistic about the digital economy and our place within it."