Luno Cuts 20% of Staff as Crypto Exchange Adapts to Market Volatility

Crypto exchange Luno is cutting about 20% of its global staff as part of a major restructuring effort. The move, announced by CEO James Lanigan, aims to trim costs and adapt to current market conditions, which have seen prices of Bitcoin, Ethereum, Solana, and other crypto tokens fall.

Lanigan said the reorganisation will enable Luno to scale its business-to-business unit, expand its offering to institutional investors, build up core infrastructure, and improve regulatory compliance. The company is also seeking to cement its position in providing non-US stablecoins across emerging markets.

Luno has made significant investments in automation and operational improvements over the past year, Lanigan noted. However, this has led to a shift in the resource model required to run the business effectively, necessitating a leaner and more adaptable structure.