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Luno, digital assets exchange
Exchange Exchanges are known as markets that support trading in derivatives, commodities, securities and other financial instruments. Generally, exchanges can be accessed via digital platforms or sometimes at real addresses where investors arrange to place trades. Among the main responsibilities of the exchange is upholding honest and fair trading practices. This plays an important role in ensuring that the distribution of the security level supported on the exchange is effective Exchanges are known as markets that support trading in derivatives, commodities, securities and other financial instruments. Generally, exchanges can be accessed via digital platforms or sometimes at real addresses where investors arrange to place trades. Among the main responsibilities of the exchange is upholding honest and fair trading practices. This plays an important role in ensuring that the distribution of the security level supported on the exchange is effective
Luno Cuts Most of Its Team
According to Wednesday’s statement, Luno has decided to lay off 35% of its current staff, translating more than 300 professionals across all regions where the crypto exchange currently operates. The London-based company maintains other offices in Cape Town, Johannesburg, Lagos, Singapore and Sydney.
“2022 has been a very difficult year for the broader technology industry and, in particular, the crypto market. Unfortunately, Luno has not been immune to this turbulence, which has impacted our overall growth and revenue,” Marcus Swanepoel, Co-Founder and CEO of Luno , wrote in a statement on the company’s blog.
Luno said it had anticipated the industry downturn and was adapting its business model to withstand unfavorable factors. However, the pace of negative change has overwhelmed the original plan and proved inadequate. As a result, the company was forced to reduce its cost base and focus on its core business. Luno assures that there is no impact on existing business liquidity and exchange customers.
Thanks to those who have helped us this far, and also to those who will continue to drive our critical mission to put the power of crypto in the hands of everyone, Swanepoel concluded.
Watch the latest FMLS22 panel on the structure of the crypto market.
Digital Currency Group Says Goodbye to 500 People
Cryptocurrency exchange Luno is part of the Digital Currency Group (DCG) portfolio, which includes CoinDesk, a cryptocurrency website, HQ Digital, an asset management company, and Genesis, a failed cryptocurrency lender.
DCG slashed its workforce by 13% at the start of the year, shedding 66 full-time positions. Another 115 jobs were cut in two rounds of layoffs at Genesis Global Trading. Next, the company filed bankruptcy protection.
HQ Digital is winding down operations in January 2023, which could impact the positions of at least 26 people, according to LinkedIn data.
Meanwhile, Coindesk is reportedly up for sale, which will help DCG raise additional funds to survive the current cryptocurrency winter, The Wall Street Journal reported on Jan. 18. Interest in buying the portal was confirmed by its CEO, Kevin Worth.
Luno Joins Crypto Layoff Wagon
The problems of Luno and DCG as a whole are not isolated. Financial figure
has repeatedly reported plans by a number of digital asset companies to save money over the past few weeks.
The Gemini exchange announced its third round of layoffs, in which it is looking to reduce its workforce by 10%. Previously, the workforce was laid off in June and July when Gemini laid off about 17% of its professionals.
Last week, cryptocurrency software company ConsenSys announced a similar decision. That confirms its intention to reduce its current workforce by 11%, which translates to 100 full-time positions. Previously, Coinbase, one of the largest cryptocurrency exchanges by volume, shared plans to lay off 20%, or 950 people.
The reasons for reducing costs and reducing jobs are usually the same: the prolonged cryptocurrency winter, falling prices of key assets, and declining confidence in the industry after the FTX collapse in November and the Terra fiasco in May.
Luno, digital assets exchange based in London, announced massive workforce cuts yesterday, feeling the noxious effects of the prolonged crypto winter and turbulence in the tech industry.
Luno Cuts Most of Its Team
According to Wednesday’s statement, Luno has decided to lay off 35% of its current staff, translating more than 300 professionals across all regions where the crypto exchange currently operates. The London-based company maintains other offices in Cape Town, Johannesburg, Lagos, Singapore and Sydney.
“2022 has been a very difficult year for the broader technology industry and, in particular, the crypto market. Unfortunately, Luno has not been immune to this turbulence, which has impacted our overall growth and revenue,” Marcus Swanepoel, Co-Founder and CEO of Luno , wrote in a statement on the company’s blog.
Luno said it had anticipated the industry downturn and was adapting its business model to withstand unfavorable factors. However, the pace of negative change has overwhelmed the original plan and proved inadequate. As a result, the company was forced to reduce its cost base and focus on its core business. Luno assures that there is no impact on existing business liquidity and exchange customers.
Thanks to those who have helped us this far, and also to those who will continue to drive our critical mission to put the power of crypto in the hands of everyone, Swanepoel concluded.
Watch the latest FMLS22 panel on the structure of the crypto market.
Digital Currency Group Says Goodbye to 500 People
Cryptocurrency exchange Luno is part of the Digital Currency Group (DCG) portfolio, which includes CoinDesk, a cryptocurrency website, HQ Digital, an asset management company, and Genesis, a failed cryptocurrency lender.
DCG slashed its workforce by 13% at the start of the year, shedding 66 full-time positions. Another 115 jobs were cut in two rounds of layoffs at Genesis Global Trading. Next, the company filed bankruptcy protection.
HQ Digital is winding down operations in January 2023, which could impact the positions of at least 26 people, according to LinkedIn data.
Meanwhile, Coindesk is reportedly up for sale, which will help DCG raise additional funds to survive the current cryptocurrency winter, The Wall Street Journal reported on Jan. 18. Interest in buying the portal was confirmed by its CEO, Kevin Worth.
Luno Joins Crypto Layoff Wagon
The problems of Luno and DCG as a whole are not isolated. Financial figure
has repeatedly reported plans by a number of digital asset companies to save money over the past few weeks.
The Gemini exchange announced its third round of layoffs, in which it is looking to reduce its workforce by 10%. Previously, the workforce was laid off in June and July when Gemini laid off about 17% of its professionals.
Last week, cryptocurrency software company ConsenSys announced a similar decision. That confirms its intention to reduce its current workforce by 11%, which translates to 100 full-time positions. Previously, Coinbase, one of the largest cryptocurrency exchanges by volume, shared plans to lay off 20%, or 950 people.
The reasons for reducing costs and reducing jobs are usually the same: the prolonged cryptocurrency winter, falling prices of key assets, and declining confidence in the industry after the FTX collapse in November and the Terra fiasco in May.
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