Crypto Firm Koinly Slashes Global Team by 14% Amid Intensifying Bear Market

Crypto tax firm koinly recently announced that it is letting go 14% of its global team, affecting a total of 16 people. this decision was made in response to the challenging conditions facing the cryptocurrency market and economy at large. the job cuts come after the firm experienced record growth throughout the year, expanding its headcount by 225%. koinly is the tax partner for a number of cryptocurrency exchanges and is used by crypto investors, accountants and blockchain businesses.
the job cuts were announced this week, and koinly will be closing its london office in april 2021. the decision to close the office was made after a poll where the uk team indicated they have a preference towards remote work. despite the closure, koinly’s sydney office will remain open.
during the current bear market, koinly is seeing fewer people reporting crypto on their tax returns, mostly because of the losses suffered this year. ceo robin singh explained the job cuts were undertaken in response to the intensifying bear market, compounded by the collapse of the ftx crypto exchange last month. he also noted that investors are generally unaware that filing losses on their tax returns benefits them in the long run, as losses can be used to offset gains in future years.

By Evey Lovelace

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