How Koinly is Navigating the Crypto Winter
With all the talk of a worldwide economic downtrend, slowing global GDP, and a crypto bear market, it seems like a stretch that one particular crypto company is expanding, after executing one round of layoffs. Indeed, it's against the trend to hear about a crypto company hiring when all others are laying off employees. While Coinbase is laying off 20% of its workforce, crypto tax accounting firm Koinly is seeking to grow back their headcount 13% as they are currently looking to fill six positions.
These job openings are surprising to see, especially after the company cut over 100 employees and contractors late last year. Many were quite upset at the way the initial layoffs were handled, stating they were unprofessional in nature. Some simultaneously discovered they had been laid off and found access to their Slack accounts denied. Despite these layoffs that came in the wake of FTX's collapse, Koinly is still currently looking to add six remote positions including software engineers and product managers.
Koinly offers cryptocurrency tax solutions for investors and traders. Its platform integrates with Coinbase, Binance, Bittrex, and CEX.io to make crypto reporting easier. You can also connect public wallet addresses to Koinly in order to figure out any capital gains owed. In case you were wondering and are located in the United States, yes you do need to pay taxes on any crypto gains.
What's great about Koinly is they offer a never-ending free trial to input all of your trades. Ultimately, you will need to purchase a plan in order to download the final tax report.
There are many similar competitors that offer crypto tax accounting services:
Koinly is based in London, England and was founded in 2018. Their estimated annual revenue is $13 million. The company was founded by Robin Singh, who serves as the CEO. Its offices in London are set to close in 2023, with the company re-locating its headquarters to Sydney, Australia.