UK-based Crypto Tax Firm ‘Koinly’ Announces 14% Layoff

Octopus Network Announces Mass Layoff Amid Sluggish Market
  • The FTX collapse had a terrible effect on the crypto industry with several firms taking hits.
  • Koinly, founded in 2018, is the tax partner for a number of cryptocurrency exchanges.

Koinly, a crypto tax firm located in the United Kingdom, has announced the layoff of 14% of its worldwide staff to tackle the tough circumstances affecting the cryptocurrency sector and economy at large.

There will be a total of 16 layoffs, with CEO Robin Singh citing the worsening bear market and the recent FTX crypto exchange incident as the driving factors. The FTX collapse had a terrible effect on the crypto industry with several firms taking hits.

Singh stated:

“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.”

Rapid Expansion Since Beginning of Year

This week, cryptocurrency exchanges Bybit and Swyftx announced 30 and 35 percent employment cutbacks, respectively, in response to the weak market. This decision comes after Koinly’s workforce increased by 225% since the beginning of the year due to the company’s unprecedented expansion.

Koinly, founded in 2018, is the tax partner for a number of cryptocurrency exchanges and is used by crypto investors, accountants, and blockchain firms to keep track of all of their cryptocurrency transactions in one location and to determine their overall capital gains and income.

However, the planned closure of the London office in April of 2023 is not a direct consequence of the layoffs. Koinly has emphasized that its “globally distributed teams are able to work remotely,” thus the Sydney office will stay operational.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.