Cryptocurrency company Koinly lays off 14% of employees

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British company Koinly, specializing in cryptocurrency tax software, announced the dismissal of 16 people.

Management cited the need to combat the difficult conditions currently facing not only the cryptocurrency market, but the economy as a whole. In total, 14% of the workforce will be laid off.

According to the company's CEORobin Singh, the measure was taken against the backdrop of a protracted crisis in the market - now the company is trying to save its strength to continue working next year. Koinly will close its London office in April next year. The company said this is not a result of redundancies - most of the workforce is dispersed around the world, and the remaining office in Sydney will continue to operate.

Singh added that in the current environment there will be far fewer people reporting their digital assets on their tax returns as losses were really high in 2022:

“But as a rule, investors rarely knowthat reporting losses on their tax returns benefits them in the long run because they can be used to offset income in other years.”

Recently, the Australian cryptocurrency exchange Swyftx announced the dismissal of 90 employees; the company explained that it was preparing for the worst development of events in the market.