TaxBit, a crypto tax and compliance startup, has laid off 40 percent of its employees.
The downward trend in the cryptocurrency industry and the increasing regulatory pressure from the US are putting industry players in trouble. However, companies in the crypto sector are downsizing.
Crypto Tax and Compliance Initiative TaxBit Goes Downsizing
The compelling regulatory environment and low prices in the industry continue to push startups. However, TaxBit has announced that it has laid off 80 of its employees.
TaxBit, a crypto tax and compliance startup, has been confirmed to have laid off 80 employees, or about 40 percent of their staff. This came after a 15 percent staff reduction in December. TaxBit achieved unicorn status after raising $130 million in a Series B funding round led by investors like Insight Partners and IVP. However, the company revised its planned growth targets with these layoffs.
According to The Information, employees were briefed on the staff reduction Thursday. CEO and co-founder Austin Woodward stepped down and was replaced by Lindsey Argalas, former Intuit executive and TaxBit COO.
