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

BitGo is cutting its workforce by nearly 15% as it shifts priorities toward stablecoins, trading, security, settlement services, and AI-powered infrastructure, the company said. CEO and co-founder Mike Belshe stated that the decision reflects major changes in financial services and crypto, requiring the firm to operate more “deliberate” and concentrate resources on areas aimed at future growth and client needs. He said affected employees would be informed directly by managers and HR before the announcement became public, and that the layoffs are intended as a one-time action with no expectation of further reductions. Belshe acknowledged the impact of employees being let go. The news arrives amid broader industry job cuts attributed to weak market conditions and increased efficiency from AI, including Coinbase’s roughly 14% reduction in May, Gemini’s about 30% in March, and Crypto.com’s 12% cuts.