Key facts
- Luno is reducing its global workforce by approximately 20%.
- The company cited weaker retail trading as a reason for the layoffs.
- Luno is shifting its strategy towards automation and institutional business.
- This is the second round of layoffs for Luno.
- Luno also cut staff in January 2023.
Luno, a cryptocurrency exchange, is implementing a significant reduction in its global workforce, with approximately 20% of its staff being laid off. The company attributes this decision to a notable decline in retail trading volumes and a strategic redirection towards automation and the institutional business sector. This is not the first time Luno has undergone workforce reductions; the exchange also conducted layoffs in January 2023. The current move signals a broader trend within the cryptocurrency industry, characterized by consolidation, a heightened focus on operational efficiency, and a strategic shift away from retail-centric operations towards more robust institutional services. The company's pivot suggests an effort to streamline operations and adapt to evolving market conditions and client demands.