Crypto tax reporting and investment management platform CoinTracker has just announced that it has laid off 20% of its staff (19 employees), The Block has reported.
According to CoinTracker CEO Jon Lerner, the company has made the decision due to "crypto winter, an unstable economy with high inflation and rising interest rates, and additional headwinds with crypto tax regulations."
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A spokesperson for the company has said 15 of the 19 laid-off employees worked on the customer service team. According to the company, it has optimized all other expenses before making the decision to reduce its staff.
Recall that CoinTracker raised $100 million in January 2022 in a Series A funding round and the company's valuation reached $1.3 billion.