The U.S.-based crypto tax and compliance startup TaxBit has laid off 80 employees

 

The U.S.-based crypto tax and compliance startup TaxBit has laid off 80 employees, accounting for nearly 40% of its total headcount, according to a recent The Information report citing people familiar with the issue.  The firm has already informed employees of the staff cut.  TaxBit co-founder and CEO Austin Woodward also stepped down from the company.  The firm's chief operating officer (COO), Lindsey Argalas, replaced Woodward.  In August 2021, TaxBit hit unicorn status after raising $130M in a Series B funding round at a valuation of $1.33B.  At the time, the company said the funding would allow it to double its 80-employee team, with a staff increase equal to the amount in the recent mass layoff.  In February, TaxBit was integrated into Twitter founder Jack Dorsey-led digital payments company Block's mobile payment processor Cash App.  The move allowed Bitcoin holders in the app to calculate and report their taxes easily by tracing their transactions.