BitGo to lay off 15% of staff amid reorganization

Cryptocurrency custody firm BitGo has laid off 85 employees, or 15% of its workforce, as it reorganizes to focus on security, stablecoins, payments, and AI infrastructure, BeInCrypto reported. Despite significant revenue growth last year, BitGo recorded a net loss due to low profitability and the decline in Bitcoin's price. The outlet added that a wave of restructuring is sweeping the crypto industry, noting that Coinbase laid off approximately 700 employees last May.