BitGo, a provider of custodial cryptocurrency solutions for institutional investors, has reduced 12% of its staff amid the expansion of the business, The Block reports.
Related: BitGo acquires Lumina as part of its institutional platform
Layoffs affected various departments of the company, including marketing and sales.
A BitGo spokesman called the abbreviation decision “difficult”, and said that BitGo’s evolution into a digital asset financial services firm for the institutional market has accelerated thanks to two acquisitions in the last quarter. As they move into new markets with new products and services, they are making changes to strengthen their businesses and reorganize their teams.
The first of his acquisitions is the Harbor 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.