The crypto exchange, owned by Digital Currency Group, trims staff for the second time in two years to streamline operations.
Luno is cutting approximately 20% of its global workforce, citing investments in automation that reduce the need for manual resources. The exchange, owned by Digital Currency Group, did not disclose the exact number of roles affected but emphasized operational efficiency gains from recent technological upgrades.
This marks Luno’s second major staff reduction in two years, following a 35% cut in January 2023 due to a challenging crypto market. The exchange serves 16 million users across Africa and Asia-Pacific and is headquartered in London.
The restructuring aligns with Luno’s pivot toward institutional infrastructure, including white-label crypto services for banks and fintechs. The exchange aims to expand partnerships in emerging markets, focusing on stablecoin adoption.