BitGo said the workforce reduction is a one-time action and no additional layoffs are currently planned.
Digital asset infrastructure company BitGo is reducing its workforce by almost 15% as it focuses on stablecoins, trading, security, settlement services and AI-based infrastructure.
BitGo co-founder and CEO Mike Belshe said the company made the decision because the financial services and crypto industries have changed significantly, requiring the company to become more focused and “deliberate” in the way it operates.
Downsizing
According to Belshe’s official tweet, the job cuts are intended to help BitGo focus its staff and resources on areas considered most important to future growth and customer needs. He described it as a difficult decision and recognized the contributions of employees who helped build the company.
Belshe said all affected workers would be informed directly by their managers and human resources teams before the announcement was made public. Addressing remaining staff, Belshe urged employees to support each other and communicate closely as the company reorganizes.
The executive also said the layoffs are a one-time measure, while adding that the company does not expect further workforce reductions.
“To those of you who are leaving: thank you. You helped make BitGo what it is today, and the company will always be better because you were here. I wish you nothing but success. To the remaining team: I know it’s still difficult. Be good to each other and communicate excessively as we reorganize. We have a clear and solid path forward, and this is a one-time action.”
AI and the market crisis
The BitGo job cuts come as the crypto industry continues to see layoffs this year. Many companies have blamed weak market conditions and the growing use of artificial intelligence, which has improved efficiency and reduced the need for a larger workforce. Coinbase cut about 14% of its workforce in May. In addition to market conditions and cost discipline, CEO Brian Armstrong also highlighted that AI tools help teams become more efficient, thereby making the business leaner.
Gemini also cut about 30% of its workforce in March, the same week Crypto.com cut 12%.
You might also like:
Binance Free $600 (CryptoPotato Exclusive): Use this link to create a new account and receive an exclusive $600 welcome offer on Binance (all details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to sign up and open a FREE $500 position on any coin!
