Luno Cuts Staff Amid Automation Push in Crypto Market Downturn

Crypto exchange Luno has announced plans to cut around 20% of its staff amid efforts to automate processes and adapt to declining retail trading activity. The company, which operates in several countries worldwide, including South Africa and Singapore, made the decision as part of a broader strategy to streamline operations.

Luno's move comes as the cryptocurrency market continues to grapple with a downturn in trading volumes and prices. Despite this challenging environment, Luno has emphasized its commitment to innovation and customer satisfaction through automation and other initiatives.