Luno, the cryptocurrency exchange owned by Digital Currency Group, plans to cut about 20% of its staff worldwide as part of a broader restructuring effort aimed at controlling costs, according to Bloomberg. The move comes as the company shifts more attention to its B2B operation. Chief executive James Lanigan said Luno will expand that business while continuing to invest in institutional clients, core infrastructure, compliance, and retail products. The exchange currently has about 16 million users across Africa and the Asia-Pacific region. It is also opening up its liquidity, wallet, and compliance capabilities to banks, fintech firms, and telecom companies, allowing those partners to offer crypto services under their own brands. Luno also plans to build out non-U.S. dollar stablecoin infrastructure in emerging markets.
Luno, the cryptocurrency exchange owned by Digital Currency Group, plans to cut about 20% of its workforce globally as it restructures operations and looks to control costs, according to Bloomberg.
Chief executive James Lanigan said the company will expand its B2B business while continuing to invest in institutional clients, core infrastructure, compliance, and retail products.
Luno shifts more focus to institutional-facing services
Luno has about 16 million users across Africa and the Asia-Pacific region. The company is opening its liquidity, wallet, and compliance capabilities to banks, fintech companies, and telecom firms, allowing partners to offer crypto services under their own brands.
The company also plans to advance non-U.S. dollar stablecoin infrastructure in emerging markets.
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