Luno Cuts 20% of Staff Amid Industry-Wide Restructuring Push

Crypto exchange Luno has announced that it will cut 20% of its workforce as part of a broader restructuring effort. The move comes amid an industry-wide trend, with 12 companies conducting layoffs or organizational changes in July alone.

Luno CEO James Lanigan attributed the layoffs to shifting workforce needs driven by automation and operational streamlining. 'Over the past year, we have made significant investments in automation and operational efficiency improvements,' he said. 'These tools are rapidly changing how we need to allocate resources to run the company efficiently.'

The restructuring is not just about cost-cutting, but also a strategic pivot toward institutional client services and infrastructure offerings for banks and fintech firms. Luno has been expanding into these areas while reducing costs.

This is not the first large-scale layoff at Luno, as the company cut 35% of its workforce in January 2023 due to market downturns and industry restructuring. The current round of cuts suggests that Luno is fundamentally recalibrating its business model to build a sustainable cost structure.

The trend of layoffs and restructuring continues across the crypto industry, with 12 companies cutting 894 employees in July. Cumulatively, 47 companies have laid off more than 7,254 positions this year.