CoinTracker laid off 19 people, citing market headwinds and “over-hiring,” according to an internal email seen by The Block.Crypto tax unicorn CoinTracker laid off about a fifth of its staff due to market conditions.
"Today we are confronted by the crypto winter, an unstable economy with high inflation and rising interest rates, and additional headwinds with crypto tax regulations," co-founder and CEO Jon Lerner said in the Jan. 26 letter."This is a very different environment than we experienced from mid-2020 to mid-2022. Our expectations for 2023 are different than anticipated in the past year.
"Before considering letting go of team members, we had systematically optimized all other costs," the company said.Equity Cliff "Today is a difficult day, but we continue to believe we have the right foundation and assets to make a foundational product in crypto," Lerner said in the letter.Series A
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