BitGo Layoffs – COVID-19 Impact or Just Team Reorganization

BitGo layoffs – COVID-19 impact or just team reorganization

BitGo layoffs represent 12 percent of the company’s total workforce. BitGo has announced that it is relieving a small portion of its staff to focus on specialized products and services. The renowned crypto custody firm BitGo states that the company is making the transition towards new products and services. Therefore, necessary organizational changes have to be made to further strengthen the business via team reorganization. Many crypto businesses have also announced layoffs and salary cuts amidst a challenging business environment. Notable examples include CipherTrace and Chainalysis. Downward spiraling cryptocurrency prices and a rout in the markets due to the COVID-19 pandemic has taken a toll on the crypto realm as well. BitGo layoffs will affect the company’s various branches, including sales, operations, and marketing departments.

BitGo layoffs are need of the hour

BitGo aspires to serve institutional clients with streamlined digital asset financial solutions. As the company enters new markets and explores new products and services, appropriate organizational changes are a must. The company claims that relieving 12 percent of the workforce has been a difficult decision. A BitGo representative said that the company much values the contributions of the relived staff. Read More...