Crypto exchange Luno will cut about 20 percent of its global workforce. A recent Cointelegraph report said Luno will reorganise and allocate more resources to institutional clients, financial infrastructure and business-to-business services.
James Lanigan (제임스 래니건), Luno's chief executive officer, said investment in automation and overall operational improvements have changed the mix of resources needed to run the business. Luno plans to cut costs in line with market conditions while continuing to invest in compliance, core infrastructure and retail products.
Luno also cut 35 percent of its workforce in January 2023. At the time, Luno was facing pressure on growth and revenue due to broader turmoil across the technology and cryptocurrency industries.
Founded in South Africa, Luno is a subsidiary of Digital Currency Group. It has secured about 16,000,000 users in Africa and the Asia-Pacific region, and has expanded beyond individual trading into institutional and infrastructure services, including providing cryptocurrency infrastructure to banks and fintech companies.
Chi-gyu Hwang
delight@d-today.co.kr