Luno Cuts 20% of Workforce Amid Crypto Downturn

Luno is cutting about 20% of its global workforce in a bid to create a sustainable and focused structure, CEO James Lanigan said on Tuesday. The decision affects employees across Africa, including South Africa, but the company declined to confirm precise numbers.

The move comes after a downturn in retail crypto trading and Luno's investment in automation, which has changed the resource model required to run the business effectively. This is the second round of deep cuts at the company in three and a half years, following a 35% reduction in January 2023.

Lanigan stated that the decision was not taken lightly, but it's necessary for the company's long-term mission. Luno will reorganise its business into three separate units: one combining retail exchange with a new 'crypto as a service' offering, another covering stablecoins and wallet infrastructure, and a third focused on global settlements.