CoinTracker, a crypto tax reporting and investment management platform, has announced the layoff of 20% of its workforce, or about 19 employees, according to The Block.

The decision was made due to “crypto winter, an unstable economy with high inflation and rising interest rates, and additional headwinds with crypto tax regulations,” according to CoinTracker CEO Jon Lerner.

According to a company spokesperson, 15 of the 19 laid-off employees worked on the customer service team.

According to the company, it optimized all other expenses before deciding to reduce its workforce.

Remember that CoinTracker raised $100 million in a Series A funding round in January 2022, and the company’s valuation reached $1.3 billion.