BitGo Slashes Workforce as CEO Bets on AI, Stablecoin and Settlement Growth

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 its operations. According to Belshe’s official tweet, the job cuts are intended to concentrate 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 stated that all affected workers would be informed directly by their managers and human resources teams before the announcement became public. Addressing the remaining staff, he urged employees to support one another and communicate closely as the company reorganizes. The executive also said the layoffs are a one-time action and 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,” Belshe said.

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, citing market conditions and AI tools making teams more efficient. Gemini also slashed about 30% of its workforce in March, in the same week as Crypto.com cut 12%.

Source: https://cryptopotato.com/bitgo-slashes-workforce-as-ceo-bets-on-ai-stablecoin-and-settlement-growth/