BitGo Lays Off 15% of Staff Amid Crypto Market Downturn

Cryptocurrency infrastructure company BitGo Holdings has announced layoffs of about 15% of its staff, affecting around 90 people. This move aims to optimize the team structure and focus resources on core areas such as security, trading, stablecoins, settlement, and AI-driven infrastructure.

According to co-founder and CEO Mike Belshe, this is a one-time adjustment and does not expect further job cuts in the future.

The layoffs come amid the overall downturn in the cryptocurrency market, which has seen BitGo's stock price (BTGO) fall 4.67% to $4.80 on Thursday. This represents a nearly 73% decline from its issuance price of $18 when it went public in January this year.