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Luno cuts about 20% of staff as it ramps up automation
The DCG-owned exchange plans to keep investing in retail products and compliance while expanding a business-to-business setup that lets other firms offer crypto under their own brands.
Cryptocurrency exchange Luno is cutting about 20% of its global workforce as weaker retail trading and a push toward automation change how it operates, according to coverage by Bloomberg and confirmed by the exchange’s CEO, James Lanigan.
Lanigan said investments in automation and other operational improvements over the past year have reduced the resources needed to run the business, and he declined to disclose how many employees will be affected.
Luno said it will continue investing in its retail products, infrastructure and regulatory compliance while expanding its business-to-business offering.
The layoffs mark the exchange’s second major workforce reduction in three and a half years, following a 35% cut in January 2023, and they come as Luno reorganizes around a combined structure that links its retail platform, which it says serves 16 million users, with a white-label service for banks, fintechs and telecommunications firms.