Luno Cuts 20% of Staff Amid Crypto Market Decline
Crypto exchange Luno has announced that it is cutting 20% of its global staff as part of a restructuring effort due to 'market conditions'. According to CEO James Lanigan, this move will allow the company to eventually expand its offerings to institutional investors and build up core infrastructure. The exact number of employees affected by the job cuts remains unclear.
Luno has been struggling with the prolonged decline in digital assets such as Bitcoin, which is currently trading at $63,500 USD. The company claims to have 16 million customers worldwide and aims to provide non-US stablecoins across emerging markets.
The restructuring plan also includes using Luno's institutional-settlement business to reduce costs and complexity when moving money across borders via crypto rails. This move follows a series of similar restructurings in the cryptocurrency industry, as companies pivot towards more stable revenue streams from institutional clients and financial infrastructure.