CoinTracker lays off 19 employees, about 20% of staff

The CoinTracker platform for crypto investment management and tax reporting laid off 19 people, or about 20% of its staff. The Block reports, citing an internal email.

Among the reasons for the layoffs, CoinTracker CEO John Lerner cited “crypto-winter, an unstable economy with high inflation and rising interest rates, and the added headwind from crypto tax regulation”.

A company spokesperson said that 15 of the 19 laid-off employees worked in the customer support team. The platform said it had trimmed all other costs ahead of the decision to cut staff.

In January 2022, CoinTracker raised $100 million following a Series A financing round. The platform was valued at $1.3 billion at the time.

Since the start of 2023, reports of layoffs have come from Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno and Matrixport.

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