Luno Cuts 20% of Workforce Amid Restructuring Efforts
Crypto exchange Luno is undergoing restructuring efforts, cutting approximately 20% of its global workforce. This move comes on the heels of similar cost-cutting measures in January 2023, when the company reduced its workforce by 35%. According to CEO James Lanigan, the decision was made due to investment in automation and operational improvements changing the mix of resources needed to run the business.
Luno plans to reallocate resources to institutional clients, financial infrastructure, and business-to-business services. The company will also continue to invest in compliance, core infrastructure, and retail products while cutting costs in line with market conditions.
Founded in South Africa, Luno is a subsidiary of Digital Currency Group and has secured around 16 million users in the Africa and Asia-Pacific regions. The exchange has expanded its services beyond individual trading to include institutional and infrastructure offerings, such as providing cryptocurrency infrastructure to banks and fintech companies.