Luno Trims Staff by 20% as Crypto Industry Shifts Towards Efficiency

Crypto exchange Luno is undergoing significant restructuring, cutting around 20% of its workforce as part of a broader industry trend towards cost and efficiency measures. The move, which follows an earlier round of job cuts in January, reflects Luno's shift in focus towards institutional clients, financial infrastructure, and business-to-business services.

Luno CEO James Lanigan attributed the reduction to automation and operational improvements that have reduced the resources needed to run day-to-day activities. The company plans to continue investing in areas such as compliance, core infrastructure, and retail products.

This move aligns with broader industry downsizing efforts, with CryptoJobsList data showing job cuts at 12 crypto and related companies during July, totaling around 894 affected positions.