Digital asset infrastructure company BitGo is reducing its workforce by nearly 15% as it shifts its focus toward stablecoins, trading, security, settlement services, and AI-powered infrastructure.

BitGo co-founder and CEO Mike Belshe said the company made the decision because the financial services and crypto sectors have changed significantly, requiring the firm to become more focused and “deliberate” in how it operates.

Workforce Reduction

According to Belshe’s official tweet, the job cuts are intended to help BitGo concentrate its people and resources on areas considered most important for future growth and client needs. He described the move as a difficult decision and acknowledged 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 became public. Addressing the remaining staff, Belshe urged employees to support one another and communicate closely as the company reorganizes.

The exec also stated that the layoffs are a one-time action, while adding that the company does not expect additional workforce reductions.

“To those of you who are leaving: thank you. You helped shape BitGo into what it is today, and the company will always be better because you were here. I wish you nothing but success ahead. To the team that remains: I know this is still hard. Be good to each other and overcommunicate as we reorganize. We have a clear, strong path forward, and this is a one-time action.”

AI and Market Slump

BitGo’s job cuts come as the crypto industry continues to see layoffs this year. Many firms have blamed weak market conditions and the growing use of artificial intelligence, which has improved efficiency and reduced the need for larger workforces. Coinbase cut roughly 14% of its workforce in May. Besides market conditions and cost discipline, CEO Brian Armstrong also pointed to AI tools helping teams become more efficient, making the company leaner.

Gemini also slashed about 30% of its workforce in March, in the same week as Crypto.com cut 12%.

Source: CryptoPotato