Crypto Exchange Luno Cuts Global Staff By a Fifth, Citing Automation
Luno is cutting about 20% of its global staff as it restructures around automation and operational efficiency. The London-based crypto exchange, owned by Digital Currency Group and serving 16 million users in Africa and Asia-Pacific, is shifting toward a leaner model and expanding its business-to-business offerings. That includes letting banks, fintechs, and telecoms sell crypto under their own brands while Luno provides liquidity, wallet infrastructure, and compliance. Discovery Bank is already a partner, and more deals are expected this year. Luno also wants a stronger role in local-currency stablecoins in emerging markets, building on its participation in the rand-backed ZARU project, and plans to use its institutional settlement business to reduce cross-border payment costs. The layoffs follow a 35% workforce cut in January 2023 and come amid a broader crypto industry trend of staff reductions as firms chase steadier institutional and infrastructure revenue.
