Key facts
- Crypto exchange Luno is cutting approximately 20% of its global staff.
- The company is restructuring operations to focus more on institutional clients and B2B services.
- Luno CEO James Lanigan cited automation and operational improvements as reasons for the layoffs.
- At least 12 crypto companies reported job cuts in July, impacting 894 jobs.
- Exodus and Gnosis were among other crypto firms that announced layoffs or restructurings in July.
Crypto exchange Luno is reportedly reducing its global workforce by approximately 20% as part of a strategic restructuring. CEO James Lanigan stated that investments in automation and operational improvements have altered the company's resource needs. Luno aims to cut costs in line with market conditions while continuing to invest in compliance, core infrastructure, and retail products.
This move by Luno reflects a broader trend of layoffs across the cryptocurrency industry. In July alone, at least 12 crypto and adjacent companies reported job cuts, affecting a total of 894 disclosed positions, according to data from CryptoJobsList. Companies like Exodus and Gnosis have also undergone workforce reductions or restructurings.
Luno, founded in South Africa and owned by Digital Currency Group, serves around 16 million users primarily in Africa and the Asia-Pacific region. The company has been expanding its services beyond retail trading to include infrastructure and institutional offerings, such as providing crypto infrastructure for banks and fintech firms. This latest round of layoffs follows a significant reduction of 35% of its staff in January 2023.