Crypto exchange Luno is cutting about 20% of its staff globally, chief executive James Lanigan told Bloomberg on Tuesday. He declined to say how many roles will be affected.
Luno is owned by Digital Currency Group, is headquartered in London, and has 16 million users across Africa and Asia-Pacific.
Automation spending is changing the staffing model
Lanigan said Luno has made “material investments in automation and broader operational improvements over the last year.” He added that the company is building tools “that are rapidly changing the resource model required to run the business effectively,” which allows for a “leaner and adapted structure.”
This is Luno’s second major workforce reduction. In January 2023, the exchange cut 35% of its staff, blaming what it called an “incredibly tough year” for the crypto market.
Restructure is tied to a bigger push into B2B
The restructure is meant to scale Luno’s business-to-business unit. The exchange plans to let lenders, fintechs and telecoms companies offer crypto services under their own brands, while Luno provides the liquidity, wallet infrastructure and compliance layer behind those products.
Discovery Bank, based in Johannesburg, is already a partner. Lanigan said more partnerships will be announced through the year.
Stablecoins and cross-border settlement are part of the plan
Luno is also seeking a position in non-U.S. stablecoins across emerging markets. The company is a founding participant in ZARU, a rand-backed stablecoin. Other founding participants include Sanlam, Lesaka Technologies and EasyEquities.
Luno said it plans to replicate that model in other markets where local-currency infrastructure is thin. Lanigan also said the firm will use its institutional-settlement business to reduce the cost of moving money across borders.
Another sign of broader crypto consolidation
Luno joins a growing list of crypto firms cutting jobs. Crypto.com cut 12% in March and described the move as a pivot to “enterprise-wide AI.” Coinbase cut 14% in May, Dune Analytics cut 25%, and BitGo cut nearly 15% in June, with chief executive Mike Belshe framing that move around “AI-powered infrastructure.” Block cut about 4,000 jobs in February, or roughly 40% of its workforce.
The latest wave has pushed exchanges to chase steadier revenue from institutions, payments and infrastructure while retail trading remains volatile. Some firms have chosen to wind down entirely. Crypto perps exchange BitMEX said last week it will close on September 23. Three days later, crypto exchange BitMart said it would conduct an orderly wind-down after nine years.
Roshan Dharia, chief executive of investment firm Echo Base, told Decrypt the moves point to a “period of significant consolidation in digital assets.”