Luno Cuts 20% of Workforce Amid Shift to Institutional Clients

Luno, the Digital Currency Group-owned cryptocurrency exchange, has laid off approximately 20% of its global workforce in a bid to shift its focus towards institutional clients and business-to-business services.

The move marks another significant moment in the ongoing restructuring of the crypto industry, which has seen numerous exchanges re-evaluate their business models amid declining trading volumes and tightening regulations.

Luno's CEO, James Lanigan, confirmed that the exchange is reducing its headcount as it seeks to automate more processes and rely on enterprise-grade products, custody services, and liquidity solutions for revenue generation.

This is not Luno's first round of layoffs; in January 2023, the company eliminated approximately 35% of its workforce due to market volatility. However, this time around, Lanigan cited greater automation and a deliberate shift towards institutional business as the primary drivers of the restructuring.