The cryptocurrency industry is experiencing a wave of layoffs as companies pivot to artificial intelligence (AI) infrastructure. BitGo, a major player in the space, has fired 15% of its staff, following similar moves by Coinbase and Block.
This AI push is a significant shift for these companies, which are looking to adapt to changing market conditions. The exact reason behind this pivot is unclear, but it's likely driven by the need to cut costs in light of BitGo's stock price plummeting 60% since its debut.
Some see this move as an opportunity for innovation and growth, while others view it as a convenient excuse to justify layoffs. Anand Sinha, a partner at Roundtable, notes that 'AI is killing jobs' in the industry.