Luno Cuts 20% of Staff Amid Automation Push
Crypto exchange Luno is cutting about 20% of its staff worldwide, citing automation as the reason for the restructuring. In an interview with Bloomberg, CEO James Lanigan said that the company has made 'material investments in automation and broader operational improvements over the last year,' which have allowed them to develop tools that are changing the resource model required to run the business effectively.
This is Luno's second major staff cut in recent times. In January 2023, the exchange shed 35% of its staff due to an 'incredibly tough year' for the crypto market. Lanigan said that the company is now looking to scale its business-to-business unit and allow lenders, fintechs, and telecoms firms to offer crypto under their own brands while Luno supplies the liquidity, wallet infrastructure, and compliance.
The exchange also wants a position in non-U.S. stablecoins across emerging markets. It has already partnered with Johannesburg's Discovery Bank on ZARU, a rand-backed stablecoin, and plans to replicate this model in other markets where local-currency infrastructure is thin.