BitGo, a developer of cryptographic storage security solutions, has reduced 12% of its staff in various areas, including marketing and sales.
According to BitGo, the company is now moving to new products and services. In this regard, changes need to be made to further strengthen the business through team reorganization. A representative of BitGo confirmed the staff cuts:
"BitGo is becoming a company providing financial services in the field of digital assets for the institutional market. Our development has been significantly accelerated by two acquisitions in recent months. As we enter new markets with new products and services, we are making changes to strengthen our business and reorganize our teams.
We have taken the difficult decision to lay off a small number of employees, namely 12% of our total workforce. These decisions are always difficult to make and we are very grateful to our staff for their work.
Earlier this week, BitGo acquired the Lumina tax administration platform and recently bought the Harbor token stock platform. In March, BitGo launched a cryptographic lending service for institutional investors, and earlier announced the opening of regulated divisions in Switzerland and Germany.
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