Luno cuts 20% of staff as crypto layoffs widen

Crypto exchange Luno is cutting about 20% of its global workforce as part of a restructuring confirmed on July 28 by Chief Executive James Lanigan. Summary Luno is cutting 20% of its global workforce while expanding institutional and business-to-business services worldwide. Twelve crypto-related companies reported July restructurings, with 894 disclosed jobs affected across six named reductions. Gnosis reduced its consumer app team and plans an independent structure beginning during third quarter. The Digital Currency Group-owned company will reduce costs while directing more resources toward institutional customers and its business-to-business unit. Lanigan did not disclose the number of employees affected or identify the regions and departments included. He said investments in automation and wider operational changes had altered the resources required to run the exchange. Luno layoffs support an institutional shift Luno plans to continue investing in compliance, core infrastructure and selected retail products while scaling services for other businesses. Its institutional platform offers liquidity and trading infrastructure for professional clients. The company’s website currentl...