Crypto exchange Luno is reducing its global workforce by approximately 20% due to weaker retail trading and a strategic shift towards automation and institutional business. This follows a similar layoff in January 2023.
The layoffs at Luno highlight ongoing consolidation and restructuring within the cryptocurrency sector as companies adapt to market shifts, reduced retail activity, and the increasing importance of automation and institutional services.
Cryptocurrency exchange Luno is reducing its global workforce by approximately 20% as part of a strategic restructuring driven by weaker retail trading and a push towards automation and institutional business. CEO James Lanigan confirmed the cuts, attributing them to investments in automation and operational improvements that have altered the company's resource requirements.
Luno plans to continue investing in its retail products, infrastructure, and regulatory compliance while expanding its business-to-business offerings, which include providing liquidity, wallets, and compliance infrastructure for banks and fintech companies. This marks the second significant layoff for Luno, which previously cut 35% of its staff in January 2023 due to challenging market conditions.
The exchange's move mirrors a wider trend within the cryptocurrency industry, where at least 12 other firms reported job cuts in July. Luno, owned by Digital Currency Group, serves around 16 million users, primarily in Africa and Southeast Asia, and has been shifting its focus to these regions and its institutional services.