Luno Cuts 20% of Staff Amid Shift to Institutional Infrastructure

Luno, a cryptocurrency exchange owned by Digital Currency Group, is cutting about 20% of its staff globally, according to CEO James Lanigan. This marks the second significant layoff for Luno in less than two years, following a 35% cut in January 2023.

The restructuring effort aims to scale the company's business-to-business unit, allowing lenders, fintechs, and telecoms firms to offer cryptocurrency under their own brands while Luno supplies liquidity, wallet infrastructure, and compliance. This is part of Luno's plan to shift focus towards institutional infrastructure and emerging-market stablecoins.

Luno has made significant investments in automation over the past year, which it believes will change the resource model required to run the business effectively. The company aims to adopt a 'leaner and adapted structure' as a result of these efforts.