Luno Cuts 20% Staff Amid Automation Push and Retail Trading Slump
Crypto exchange Luno has announced plans to cut 20% of its staff amid an automation push and slumping retail trading volumes. The decision comes as part of a broader effort to streamline operations and improve efficiency.
The move is a response to the current market conditions, which have seen a decline in demand for cryptocurrency services. Luno's parent company, Bullish (NYSE:BLSH), has invested heavily in digital asset businesses and owns various digital assets, including those owned by CoinDesk journalists.
While the exact number of jobs being cut is not specified, industry insiders estimate that around 20% of Luno's workforce will be affected. The exchange has not commented on what specific roles will be eliminated or whether any redundancies will occur.