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Crypto

FalconX cuts 10 percent of workforce amid prolonged crypto market slump

FalconX has cut about 10 percent of its global workforce to brace for a prolonged slump in the cryptocurrency market. Cointelegraph reported the firm is also adjusting its Singapore business strategy, withdrawing a local licence application and planning to focus on cryptocurrency derivatives trading. Before the layoffs, FalconX employed about 350 people in the United States, Britain, Singapore and Hong Kong. It plans to keep its Asia base while expanding in Europe.

Crypto

Crypto industry restructuring spreads as Luno cuts 20 percent of workforce

Crypto exchange Luno will cut about 20 percent of its global workforce as restructuring spreads across the sector. Cointelegraph reported that Luno is reorganising to allocate more resources to institutional clients, financial infrastructure and business-to-business services. Chief Executive James Lanigan said automation investment and broad operational improvements have changed resource needs. Luno plans to reduce costs while continuing to invest in compliance, core infrastructure and retail products.