TaxBit Cut Staff By 40%, New Reports Reveal

According to the latest reports, it seems that TaxBit has been cutting more and more staff. Check out the latest details about the matter below.

Crypto tax and compliance startup TaxBit has reportedly let go of 80 employees — or nearly 40% of its staff, as the online publication The Block notes.

The latest cuts — which follow a 15% staff reduction in December — were confirmed by The Information, which spoke to a TaxBit spokesperson.

As The Block reported in August 2021, “TaxBit hit unicorn status after raising $130 million in a Series B funding round co-led by venture firms Insight Partners and IVP. Other investors included Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group and Anthony Pompliano.”

The Information has recently noted the fact that employees were informed of the staff reduction on Thursday.

CEO and co-founder Austin Woodward also stepped down and was replaced by former Intuit executive and TaxBit COO Lindsey Argalas on the same day.

According to Arthur Hayes, the founder of BitMEX, US banks are expected to face another setback as businesses seek to surpass low-interest rates.

In a new essay, Hayes predicts that the ongoing trend of people leaving the US banking system will continue to worsen.

Based on data gathered by the Federal Reserve Economic Data (FRED) system, American bank accounts experienced a withdrawal of $30 billion between May 10th and May 17th.

Last week, there was a significant rise of over $4 billion in the numbers. The current total deposits of the US banking system amount to $17.15 trillion, which is less than the $18.03 trillion deposits recorded one year ago.

“Over $1 trillion has been removed from the US banking system since last year. The big question going forward is, will this exodus continue? Will businesses and individuals continue to move money from 0% yielding bank accounts into money market funds yielding 5% or 6%?”

Check out our previous article in order to learn more details about the issue.