Luno Cuts Staff by 20% Amid Automation Push
Luno, a cryptocurrency exchange owned by Digital Currency Group, is cutting about 20% of its global staff. The move comes as the company invests in automation and broader operational improvements.
The layoffs are Luno's second major cut to its workforce this year, following a 35% reduction in January due to the tough crypto market conditions. CEO James Lanigan cited investments in automation as the reason for the latest restructuring, stating that these changes will allow for a 'leaner and adapted structure'.
Luno is shifting focus towards institutional infrastructure and emerging-market stablecoins. The company plans to partner with lenders, fintechs, and telecom firms to offer crypto services under their own brands while Luno supplies the liquidity, wallet infrastructure, and compliance. Johannesburg's Discovery Bank is already a partner, and Lanigan said more will be announced throughout the year.