LONDON, UNITED KINGDOM, December 6, 2022 /EINPresswire.com/ -- In a bid to combat the challenging conditions facing the cryptocurrency market and economy at large, Koinly has today announced a round of job cuts to its global team.

Following a 225% expansion in headcount since the start of the year, fueled by record growth, the UK based crypto startup confirmed that it has let go of 14% of its team.

In a company-wide circular, Founder and CEO, Robin Singh explained that the job cuts are in response to the intensifying bear market, compounded by the collapse of major cryptocurrency exchange, FTX, in mid November 2022.

“We are taking measures to ensure we’re as lean as possible as we make our way through the crypto winter. While change is an unavoidable part of business, it’s been a sad week at Koinly as we have had to let go of several of our colleagues.” said Robin Singh.

“As a crypto tax company, what's hurting us more than the actual crypto downturn is the lack of awareness crypto investors have around filing their crypto losses. We are seeing fewer people reporting crypto on their tax returns, mostly because there are a lot of losses this year. However 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”, he added.

About Koinly
Koinly is a cryptocurrency tax calculator trusted by crypto investors in over 20 countries. Koinly integrates with 700+ exchanges, blockchains, and wallets to give investors an easy and accurate way to track their crypto transactions in one place. From here, Koinly calculates the total capital gains and income an investor has derived from their crypto in any financial year.

Michelle Legge
Koinly
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