BitGo, a provider of cryptocurrency custodial solutions for institutional investors, has cut 12% of its staff.amid expanding business, reports The Block.
Layoffs affected various departments of the company, including marketing and sales.
«The evolution of BitGo into a company providingdigital asset financial services for the institutional market accelerated with two acquisitions in the most recent quarter. As we move into new markets with new products and services, we are making changes to strengthen the business and reorganize our teams»— said a BitGo representative, calling the decision to cut “difficult.”
The first of the acquisitions he mentioned isHarbor security token release platform. The deal became known in February. The second is the cryptocurrency company Lumina, which offers tax management solutions.
After the takeover of Lumina, reported the day before, all of its employees, led by CEO, joined BitGo.
Recall that in February custodian opened units in Switzerland and Germany as part of global expansion.
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