Cryptocurrency tax platform CoinTracker lays off 20% of its staff due to industry downturn

ChainCatcher news, according to The Block, the crypto tax platform CoinTracker has laid off 20% of its staff due to industry downturn and over-hiring. A company spokesperson confirmed the layoff news in an email, with 15 of the 19 employees let go belonging to the customer support team.

According to LinkedIn and DealRoom data, CoinTracker had approximately 100 employees before the layoffs. The company will provide affected employees with 12 weeks of pay, three months of health insurance for U.S. employees, and eliminate the equity vesting period. According to ChainCatcher's previous report, CoinTracker completed a $100 million Series A funding round on January 27, 2022, led by Accel, with participation from Coinbase Ventures, Kraken Ventures, 776 Ventures, and others. (The Block)