Luno

South African crypto exchange Luno is retrenching 35% of its global workforce.

[According to CNBC](https://www.cnbc.com/2023/01/25/dcg-owned-crypto-exchange-luno-axes-35percent-of-staff.html), the layoffs will affect marketing staff. [Timothy Stranex](https://uk.linkedin.com/in/timothystranex) also [resigned](https://www.coindesk.com/business/2023/01/19/crypto-exchange-lunos-co-founder-departed-in-december/) in December after a decade with the company. Luno currently boasts 10 million customers in 40 markets. The company will also be scaling back its U.S. [acquired](https://www.iol.co.za/business-report/companies/sa-cryptocurrency-exchange-luno-has-been-acquired-by-the-digital-currency-group-df9c1939-52eb-44ef-88d9-c06f188c3152) by the now [troubled](https://www.cnbc.com/2023/01/20/crypto-lender-genesis-trading-files-for-bankruptcy-barry-silbert-digital-currency-group.html) Digital Currency Group (DCG) crypto conglomerate in 2020, in a deal which was meant to accelerate the exchange’s global footprint. [Marcus Swanepoel](https://uk.linkedin.com/in/marcusswanepoel) citing dwindling growth and revenue numbers as the main reason for the cuts.

Crypto exchange Luno says it will shave its global headcount by 35% in response to the crypto winter that has hit its revenue numbers.

While other exchanges sprang up in SA offering a greater variety of cryptos, Luno stuck to offering customers a limited number of the most popular crytpos. The company pioneered crypto investment in SA. “2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market. Last year Luno announced that it had passed the 10 million customer mark, spread over more than 40 countries. The company was purchased in 2020 for an undisclosed sum by Digital Currency Group (DCG). “Never easy to make such a decision.

Luno, the popular exchange owned by Digital Currency Group, announced a large round of job cuts on Wednesday. The layoffs will affect 35% of Luno's total ...

FTX has been engaging in Chapter 11 bankruptcy proceedings since it filed to do so a couple of months ago. One of the “shocks” was the recent, rapid collapse of exchange FTX. They come after what Swanepoel described as an “incredibly tough year for the broader tech industry and in particular the crypto market.”

Cryptocurrency exchange Luno, which is owned by crypto conglomerate Digital Currency Group, has slashed 35% of its global workforce.

firm Circle, which runs the stablecoin USDC, and blockchain analytics companies Chainalysis, Dune Analytics, Elliptic and Etherscan. According to its LinkedIn page, Luno had around 960 employees, suggesting that the recent layoff has impacted more than 330 employees. Swanepoel said that the difficult decision comes as the crypto market has seen a “series of shocks” over the past year that led to a constrained funding environment and a shift toward long-term profitability.

The prolonged crypto winter that has been taking a hit on all and sundry has now impacted DCG-owned crypto exchange Luno as it plans to lay off some ...

“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. Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. The crypto market has lost more than $2 trillion of valuation since the peak of the crypto rally in November 2021. The company is part of the Digital Currency Group (DCG) crypto conglomerate, one of the firms involved in the FTX crash. At the same time, higher interest rates from the Feds also contributed to the current market status. The likes of Kraken, Coinbase (NASDAQ: COIN), Galaxy Digital, and many more have reduced their headcounts as they navigated through the trying times.

In a 'town hall' meeting on January 25, U.K.-based digital assets exchange Luno revealed that around 35% of them were out of a job.

if we do exhaust all of our judicial options to challenge the SEC’s stance on this product, we would entertain working constructively with regulators and shareholders to offer a tender offer … “Had the SEC already approved a spot Bitcoin ETF, allowed GBTC to convert to a spot ETF already, a lot of the recent investor harm we’ve seen in crypto would have been prevented. But things went astray when co-host Rebecca Quick noted the vast discount at which GBTC currently trades and the fact that GBTC customers “aren’t allowed to redeem” their shares. [BTC](https://coingeek.com/news/tag/btc/) tokens. Grayscale continues to file legal challenges of these rulings that largely rehash previous arguments that failed to win the day. GBTC investors are prevented from redeeming their shares, a right held solely by Grayscale and an option for which Grayscale appears to have zero appetite. [a flurry of layoffs](https://coingeek.com/genesis-trading-lays-off-30-of-staff-following-spillover-of-industry-catastrophes/) at other DCG-owned/affiliated firms, while DCG itself cut 10% of its staff in November. Meanwhile, one DCG unit continues to thrive, albeit at the direct expense of the suckers who invested in it. DCG [halted quarterly dividends to shareholders](https://coingeek.com/digital-currency-group-halts-dividends-as-genesis-preps-bankruptcy-filing/) this month, and last week’s [bankruptcy filing](https://coingeek.com/genesis-parent-company-files-for-chapter-11-bankruptcy-protection-as-winklevoss-kicks-silbert-anew/) by DCG’s Genesis digital asset lending platform has U.S. At the time, Luno’s staff count was under 400, but DCG made “a significant financial commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond.” The spokesperson stressed that the cuts would have “minimal or no impact on key operating and compliance teams.” Swanepoel’s statement sought to head off any panic by stressing that “customer funds are safe and operations continue as normal.” On Wednesday, Luno held a virtual ‘town hall’ meeting with its global staff to announce that around 35% of them were out of a job.