Luno Cuts 20% of Global Workforce Amid Restructuring Efforts
Crypto exchange Luno has announced that it will be laying off about 20% of its global workforce as part of a restructuring effort.
The move, confirmed by Chief Executive Officer James Lanigan to Bloomberg, aims to cut costs and align resources with the company's changing needs due to investments in automation and operational improvements.
Luno plans to maintain investment in its consumer platform, infrastructure, and regulatory compliance, as well as focus on local-currency stablecoins, such as the South African stablecoin ZARU, which it is a founding participant in.
The company is also building services for businesses that want to offer cryptocurrency products through their own platforms, providing wallet infrastructure, access to liquidity, and compliance capabilities.