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TaxBit, a cryptocurrency tax and accounting startup, announced on Friday that it has let go of nearly 40% of its workforce.

The change was made a week after the business, which has offices in both Seattle and Salt Lake City, designated co-founder Austin Woodward’s replacement, Lindsey Argalas, as CEO. The board of the business is presently presided over by Woodward.

In a news release, Woodward stated, “This transition enables me to devote my efforts to nurturing strategic partnerships, fostering innovation, and offering guidance to ensure TaxBit’s ongoing success.”

A representative for TaxBit claimed that the job cuts will offer the business, which has over 230 workers listed on LinkedIn, more breathing room while it deals with challenges in the cryptocurrency market. According to the spokeswoman, laid-off workers receive three months’ worth of severance pay, health insurance, and visa support.

The layoffs come after a 15% personnel decrease at TaxBit in December.

The 2017-founded company TaxBit offers crypto tax and accounting software to corporations, governments, exchanges, and private customers. According to the business, it has assisted more than 60 million tax return filers and aided more than 11 million taxpayers. The business raised $130 million in August 2021, when TaxBit’s valuation reached $1.33 billion, and $100 million in March 2021. PayPal, Google, and the Internal Revenue Service are some of its customers.

In July 2021, TaxBit inaugurated its co-headquarters in Seattle in the Butcher’s Table building, which is close to Amazon’s Denny Triangle site. The TaxBit spokeswoman claimed that the business relocated to a bigger office space close to Pike Place Market last year.

Argalas joined TaxBit in June 2022 and served as COO before assuming the role of CEO earlier this month. According to her LinkedIn page, she worked for Santander Bank for four years and Intuit for nine years prior to joining the organization.

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