The cryptocurrency industry in 2026 is confronting a paradoxical trend: adoption is expanding, but staffing is contracting. According to data from CryptoJobsList, at least 60 crypto, Web3, and blockchain companies have announced layoffs this year, surpassing the previous record of 38 companies in 2023.
The cuts are not necessarily a sign that the market is struggling. Many firms are restructuring, reducing costs, deploying artificial intelligence, and shifting business strategies. Some are laying off workers while simultaneously hiring for other roles, suggesting the sector is evolving rather than shrinking.
One of the latest examples is Anchorage Digital, the only federally chartered crypto-focused national trust bank in the United States. The company is reducing its workforce by about 17%, roughly one in six roles, as it faces sector-wide cost pressures, The Information reported. CEO Nathan McCauley informed employees of the cuts this week.
Anchorage employed approximately 400 people globally as of February, according to McCauley’s congressional testimony, which implies around 68 job losses if headcount remained near that level. The company has tied the decision to broad industry cost pressures rather than a single event or business line.
Anchorage holds a distinctive regulatory position. It 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. The bank’s valuation climbed to $4.2 billion in February after a $100 million strategic investment from Tether.
This is not Anchorage’s first reduction. In March 2023, the company laid off about 75 employees, or roughly 20% of staff, following a strategic review that sharpened its focus on institutional custody and regulated services. Its banking arm was not affected by the 2023 cuts, and it has not been confirmed whether the bank is touched by the latest round.
The layoffs echo a broader cost-cutting wave across crypto, even as institutions such as Tether and Fasanara push into stablecoin private credit. Anchorage has also continued expanding its stablecoin activities, most recently selecting LayerZero for cross-chain stablecoin interoperability in late September.
Key signals to watch include updates on assets under custody, which teams were affected, and whether the banking subsidiary’s operations change.
