TaxBit cuts staff by 40%

TaxBit, the developer of software for calculating taxes and automating cryptocurrency accounting, has laid off 80 employees (about 40% of its staff). The Information reports.

At the same time, the company’s CEO and co-founder Austin Woodward stepped down. His successor will be COO Lindsey Argalas.

In December 2022 the startup took a similar step — layoffs affected 15% of staff.

In August 2021 the company raised $130 million in a Series B funding round. The startup joined the club единорогов with a valuation of $1.33 billion. At that time TaxBit planned to double its staff.

In the wake of the crypto winter, layoffs were reported by Copper, Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno, Matrixport, Chainalysis, Bittrex, Messari and other companies.