Luno Axes 20% of Staff Amid Cryptocurrency Market Volatility
Crypto exchange Luno is restructuring and cutting about 20% of its global staff to reduce costs in line with current market conditions. According to CEO James Lanigan, this move will allow the company to expand its business-to-business unit and focus on institutional clients.
Lanigan stated that Luno has invested heavily in automation and operational improvements over the last year and is now integrating new tools that require a leaner structure. This restructuring will also enable the company to build up core infrastructure and regulatory compliance, as well as improve its retail-customer products.
The exchange aims to cement its position in providing non-US stablecoins across emerging markets and replicate the model in other markets where local-currency stablecoin infrastructure is limited. Luno will also use its institutional-settlement business to reduce the cost and complexity of moving money across borders using digital-asset rails.