Today in Crypto: Blockchain Platforms Pilfer Big Tech Execs to Build Web3; Crypto Tax Prep Grows – pymnts.com

Tech execs from companies like Google or Facebook have been exiting their jobs in favor of crypto companies, CNBC reported Wednesday (Feb. 23).
Blockchain companies like Polygon and Circle have reaped the benefit in hiring some of those people. The hook has been the prospect of working on the “next big thing” in Web3.
CNBC writes that Ryan Wyatt left YouTube to lead a Polygon gaming studio. While Wyatt joined YouTube in 2014 to focus on video games, he sees the new Polygon job as a similar way to move forward.
“When I started at YouTube Gaming almost eight years ago, I was the first person there,” Wyatt told CNBC. “We didn’t have a team. People were really starting to show interest in gaming video. I look at this opportunity very much the same way.”
In other news, crypto tax preparation has been popular in the U.S. lately, as the crypto market grows to nearly $2 trillion globally, Coindesk reported Wednesday.
There has been a rise in startups helping Americans figure out their crypto gains and tax bills. These startups have been raising hundreds of millions of dollars and achieving billion-dollar valuations, Coindesk wrote. That comes hand-in-hand with crypto valuations going up again, more ways to profit on digital assets, and the IRS looking into ways crypto investors might cheat on their taxes.
“I’d estimate that the U.S. crypto tax prep market is currently worth $400 million, but that number is growing exponentially year-over-year as regulators clamp down,” said David Kemmerer, co-founder and CEO of CryptoTrader.Tax, the report said.
Coindesk writes that the IRS has been looking into crypto since the summer of 2019, when it sent thousands of letters to taxpayers who it suspected hadn’t properly paid their taxes related to crypto.
Michelle O’Connor, vice president of marketing with TaxBit, said the last few years have seen more people waking up to the fact that they have to pay taxes on crypto — though it was “so overwhelming that they just ignored it” until the IRS letters showed up.
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