Crypto Exchange Luno Announces Staff Reduction Amid Market Challenges
Cryptocurrency exchange Luno has announced a restructuring plan that includes cutting approximately 20% of its global workforce, citing challenging market conditions. The move comes amid ongoing declines in major digital assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). CEO James Lanigan stated the cuts are necessary to adapt to current economic realities but did not disclose exact numbers affected. Luno aims to use this restructuring as a foundation for future growth, including expanding services to institutional investors, enhancing core infrastructure, and launching new products. The company also plans to leverage its institutional settlement business to streamline cross-border transactions using crypto rails. Luno operates in multiple regions with 16 million global customers. The layoffs reflect broader industry trends where many crypto firms are pivoting toward more stable revenue sources such as institutional clients and financial infrastructure amid the prolonged 'crypto winter.'