Cryptocurrency tax and accounting startup TaxBit on June 16 confirmed it had laid off about 40% of its headcount.
The move came the week after the company, which has dual headquarters in Seattle and Salt Lake City, named Lindsey Argalas as CEO, replacing co-founder Austin Woodward. Woodward is now chairman of the company's board.
"This transition enables me to dedicate my efforts to nurturing strategic partnerships, fostering innovation and offering guidance to ensure TaxBit's ongoing success," Woodward said in a news release.
A TaxBit spokesperson said the layoffs will give the company, which has over 230 employees listed on LinkedIn, more runway as it faces headwinds in the crypto industry. The spokesperson added that the laid-off employees get three months of severance, health insurance and visa support when applicable.
The job cuts follow TaxBit's 15% headcount reduction in December.
TaxBit, founded in 2017, provides crypto tax and accounting software for businesses, governments, exchanges and individual consumers. The company says it has supported more than 11 million taxpayers and helped file more than 60 million tax forms. The company raised $100 million in March 2021 and $130 million in August 2021, when TaxBit hit a value of $1.33 billion. Its clients include PayPal, Google and the Internal Revenue Service.
TaxBit in July 2021 opened its Seattle co-headquarters at the Butcher's Table building near Amazon's Denny Triangle campus. The TaxBit spokesperson said the company moved to a larger office last year near Pike Place Market.
Argalas joined TaxBit in June 2022 and was the chief operating officer until taking over as CEO earlier this month. Before joining the company, she spent four years at Santander Bank and nine years at Intuit, according to her LinkedIn page.
"I look forward to building on the company's success and leveraging my experience to drive global expansion, forge strategic partnerships and deliver unrivaled value to our clients and partners worldwide," Argalas said in the release.
Austin Woodward's brother Justin Woodward is also a co-founder of TaxBit. Justin Woodward's LinkedIn page shows he is still with TaxBit as a tax attorney.
