Cryptocurrency tax company CoinTracker has laid off 19 employees representing approximately 20% of its workforce. This is according to an internal email reviewed by Protos and confirmed by a statement from CoinTracker CEO Jon Lerner.
These layoffs are heavily focused on customer service, with 15 employees let go from that department.
In January last year, CoinTracker raised $100 million in its Series A at a valuation of $1.3 billion. The round included Y Combinator, Kraken Ventures, and Coinbase Ventures.
Read more: Coinbase staff told to wait an hour to discover if they were fired
In June 2022, CoinTracker tweeted that it was “saddened by the continued news of layoffs across crypto” but encouraged people to apply. CoinTrackerwas apparently “profitable, growing rapidly, and well-capitalized” — its team was “on track” to double in size, it claimed.
Lerner’s statement claims that CoinTracker recognized that it “had over-hired,” and noted that the “current environment” looks “very different from what we had planned for.” Lerner insists that the company that was profitable as of June “systematically optimized all other costs” before beginning layoffs.
These cuts join a series of layoffs across the crypto industry, including Coinbase, Genesis, and Huobi.
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