Luno, the digital
assets exchange based in London, announced a massive workforce reduction
yesterday, feeling the harmful effects of the prolonged crypto winter and turbulence
in the technology industries.
Luno Lays Off Massive Part
of Its Team
According
to Wednesday’s statement, Luno decided to lay off 35% of its current staff,
translating to more than 300 professionals in all regions where the crypto
exchange is currently operating. The London-based company runs other offices in
Cape Town, Johannesburg, Lagos, Singapore, and Sydney.
“2022
has been an incredibly tough year for the broader tech industry and in
particular the crypto market. Luno unfortunately hasn’t been immune to this
turbulence, which has affected our overall growth and revenue numbers,” Marcus
Swanepoel, Co-Founder and CEO of Luno, wrote in a statement on the company’s
blog.
Luno says
it anticipated the industry downturn and was adjusting its business model to
make it resilient to unfavorable factors. However, the speed of negative
changes has put considerable strain on the original plan and proved inadequate.
The company
was forced to reduce the cost base and focus on the core business. Luno
reassures that there is no impact on the liquidity of the existing business and
the exchange’s customers.
“Thanks
to those who have helped us get this far, and also to those who will continue
to drive forward our critical mission of putting…
