BitGo, a leading cryptocurrency infrastructure and custody provider, has eliminated 15% of its workforce, the company announced. The layoffs reflect broader pressures facing digital asset service providers as market conditions remain challenging.
The timing of the reduction comes as cryptocurrency firms have faced mounting operational pressures following the 2022 market downturn and subsequent industry consolidation. BitGo, which provides wallet infrastructure, trading, and institutional custody services, has maintained significant market presence but faces competition from larger established financial institutions expanding into digital assets.
The company did not disclose the absolute number of affected employees or specify which divisions would be impacted by the restructuring. BitGo's decision aligns with similar cost-cutting measures implemented by other major crypto platforms in recent quarters as firms recalibrate spending relative to revenue forecasts.