Luno Of Digital Currency Group Reduces Employment By 35%

Key Points:

• The Digital Currency Group-owned cryptocurrency exchange Luno has slashed its personnel by 35%.
• DCG has come under increasing strain as the crypto crisis has gotten worse against a tumultuous macroeconomic background. The firm’s poor performance was made worse by the failure of FTX in November and the collapse of the cryptocurrency hedge fund 3AC in June.

The Digital Currency Group-owned cryptocurrency exchange Luno has slashed its personnel by 35%.

Earlier today, the London-based company informed staff members of the layoffs. According to an earlier report by CNBC, Luno had a total workforce of 960, which means that the layoffs will result in the loss of over 330 jobs.

The London-based firm’s CEO, Marcus Swanepoel, informed employees of the redundancies at 12 p.m. London time on Wednesday in a live-streamed town hall.

“2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market,” the company said in a statement shared with CNBC Wednesday.

“Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.”

Luno has a total headcount of roughly 960, according to its LinkedIn profile, meaning that more than 330 jobs will be impacted.

Over the past year, DCG has come under increasing strain as the crypto crisis has gotten worse against a tumultuous macroeconomic background. The firm’s poor performance was made worse by the failure of FTX in November and the collapse of the cryptocurrency hedge fund 3AC in June.

“Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers,” the company said in a message shared with employees. “While we anticipated a downturn and proactively planned ahead with a business and funding model that can be resilient to some of these factors, the sheer scale and speed of all of this happening, and all at the same time, has put significant strain on our original plan.”

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