BitGo, a key player in crypto custody and infrastructure, has announced a 15% reduction in its workforce as part of a strategic pivot towards enhancing its focus on security and AI capabilities. CEO Mike Belshe revealed this decision on Thursday, describing it as a "one-time" adjustment necessary for adapting to the evolving financial services landscape.
The layoffs affect approximately 90 positions out of 603 total employees, based on the company's 2025 annual report. Belshe assured staff that this would be the only workforce reduction planned for the foreseeable future, emphasizing that the company is still hiring for various roles.
This move aligns BitGo with broader trends in the crypto sector, where companies like Coinbase, Block, and Robinhood have also cut jobs in response to market challenges and the rise of artificial intelligence. Block, for instance, recently announced a drastic 40% workforce cut, while Coinbase and Robinhood reduced their staff by 14% and 10%, respectively.
