Tuesday, February 7, 2023
HomeBTCKoinly Planning To Cut Off 14% Of Its Workforce

Koinly Planning To Cut Off 14% Of Its Workforce

Koinly, a crypto tax company located in the United Kingdom, has announced that it will be laying off 14% of its worldwide workforce, citing the need “to tackle the challenging conditions affecting the cryptocurrency sector and economy in general.”

There will be a total of 16 workers affected by the job losses. CEO Robin Singh said that the decision was made in reaction to the growing bear market, which was aggravated by the failure of the FTX crypto exchange a month ago.

Koinly is not the first cryptocurrency company to have reduced the number of employees as a result of the bear market. This week, cryptocurrency exchanges Bybit and Swyftx announced that they would be cutting the number of employees at their companies by 30% and 35%, respectively.

In addition, this decision comes after Koinly’s personnel increased by 225% since the beginning of the year, which, according to the company, was caused by record growth in the company’s business. Koinly was founded in 2018, and since then it has become the tax partner for a number of cryptocurrency exchanges. It is also used by crypto investors, accountants, and blockchain businesses. It lets them keep track of all of their cryptocurrency transactions in one place and figure out their total capital gains and income from those gains.

The firm has also stated that it would be shutting down its London office in April of the following year; however, this decision was not made as a direct consequence of the layoffs. The Koinly office in Sydney will stay operational, and the company will continue to emphasise the flexibility of its “globally dispersed teams” in terms of their ability to do remote work. The chief executive officer of Koinly also said that the company is seeing fewer customers declare cryptocurrency on their tax returns during the current bear market. This is mostly attributable to the losses that have been sustained in 2018. 

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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