Luno Slashes 20% of Workforce Amid Institutional Pivot

South African crypto exchange Luno is undergoing significant restructuring as it pivots towards institutional investors. The company, which serves over 16 million users across Africa and Asia-Pacific, will cut around 20% of its global workforce to adapt to current market conditions.

Luno's CEO, James Lanigan, stated that the layoffs are necessary due to 'material investments in automation' and broader operational improvements. This move is part of a larger shift in the crypto industry as exchanges seek more stable revenue streams from institutional clients, payments, and financial infrastructure.

The company aims to expand its business-to-business division while strengthening core infrastructure and regulatory compliance. Luno plans to replicate its model in other emerging markets where local-currency stablecoin infrastructure remains underdeveloped.