Following the footsteps of major cryptocurrency companies like Block (NYSE: XYZ), Ethereum Foundation, Coinbase Global (Nasdaq: COIN), and MARA Holdings (Nasdaq: MARA), another firm has decid
Following the footsteps of major cryptocurrency companies like Block (NYSE: XYZ), Ethereum Foundation, Coinbase Global (Nasdaq: COIN), and MARA Holdings (Nasdaq: MARA), another firm has decided to fire staff.
Launched in 2011, BitGo Holdings (NYSE: BTGO) is a crypto infrastructure company best known for its self-custody, regulated trust, and prime brokerage services for institutional clients.
It made a stunning public debut in January this year, but the stock's price has declined more than 60% since then.
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BitGo co-founder and CEO Mike Belshe announced on June 25 that the firm is firing 15% of its staff amid what he called industrywide shifts.
The company needs to be sharper and focus on areas such as security, trading, stablecoins, settlement, and artificial intelligence (AI)-powered infrastructure so that it can satisfy the client requirements and therefore this decision had to be taken amid an evolving ecosystem, he said.
Belshe assured that the firm doesn't anticipate further job cuts. TheStreet Roundtablereached out to BitGo for more details on the designations and number of employees affected by the decision and did not receive a response by the time of publication.
Several crypto firms have decided to reduce their workforce in recent months as they adopt AI.
For instance, Coinbase last month announced a 14% staff cut in an AI pivot. When Dune Analytics reduced 25% of its staff last month, it called it a decision necessary for AI integration at the firm. Jack Dorsey also attributed the layoff at Block to AI.
The BTGO stock fell 4.76% to close at $4.80 on June 25 and was trading at $4.72 in premarket hours at press time.
