Crypto unicorn TaxBit cuts staff by 40%: The Information

Quick Take

  • TaxBit has reportedly cut 80 employees.
  • The crypto tax and compliance startup was privately valued at roughly $1.5 billion after a Series B raise in August 2021.

Crypto tax and compliance startup TaxBit has reportedly let go of 80 employees — or nearly 40% of its staff.

The latest cuts — which follow a 15% staff reduction in December — were confirmed by The Information, which spoke to a TaxBit spokesperson and people familiar with the matter.

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 an Anthony Pompliano.


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At the time of its Series B, the company said it was looking to "at least double" its team of 80 people — the same amount that was just let go.

According to The Information, 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.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Before joining the blockchain and crypto industry, he worked for, and He tweets via @XBT002 and can be emailed at [email protected].