Crypto Exchange Luno cuts 35% of its staff

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Cryptocurrency exchange Luno is cutting 35% of its workforce, citing the “incredibly difficult year” affecting the crypto market.

According to the company’s LinkedIn page, Luno has more than 600 employees, meaning it will cut more than 210 jobs. Luno said the layoffs will affect employees in all regions. Based in London, Luno has offices in Singapore, Cape Town, Johannesburg, Lagos and Sydney.

“2022 has been an incredibly tough year for the tech industry at large and the crypto market in particular,” Luno said Wednesday. “Luno has unfortunately not been immune to this turbulence, which has affected our overall growth and revenue numbers.”

Luno co-founder and chief technology officer Timothy Stranex left Luno in December last year, nearly 10 years after founding the company alongside Carel van Wyk, Pieter Heyns and the current CEO Marcus Swanepoel.

Luno is owned by Digital Currency Group (DCG), which is also the parent company of CoinDesk.

CoinDesk estimates that over 29,000 jobs have been lost in the crypto industry since April last year.

Read more: Crypto Brokerage Blockchain.com Lays Off 28% of its Workforce as Cruel Industry Winter Continues

UPDATE (January 25, 2:27 PM UTC): Adds an estimate of how many jobs Luno is cutting, along with some additional context and details.

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