- Luno is cutting approximately 20% of its global staff, CEO James Lanigan told Bloomberg on Tuesday.
- The exchange is shifting focus toward institutional infrastructure and emerging-market stablecoins.
- Luno is a founding participant in ZARU, a rand-backed stablecoin, and plans to replicate the model in other markets.
Luno, the London-based cryptocurrency exchange owned by Digital Currency Group, is cutting about 20% of its workforce globally, CEO James Lanigan told Bloomberg on Tuesday. The exchange, which serves 16 million users across Africa and Asia-Pacific, did not disclose the exact number of roles affected.
The layoffs stem from “material investments in automation and broader operational improvements” over the past year, Lanigan said. He noted the firm is developing tools that are “rapidly changing the resource model required to run the business effectively,” allowing for a “leaner and adapted structure.” This marks Luno’s second major reduction, following a 35% cut in January 2023 amid what the company called an “incredibly tough year” for crypto markets.
The restructure aims to scale Luno’s business-to-business unit, enabling lenders, fintechs, and telecoms to offer crypto under their own brands while Luno provides the liquidity, wallet infrastructure, and compliance. Johannesburg’s Discovery Bank is already a partner, and Lanigan said more will be announced this year. Additionally, Luno is pursuing non-U.S. stablecoins in emerging markets, serving as a founding participant in ZARU, a rand-backed stablecoin. The firm plans to replicate this model in other regions with thin local-currency infrastructure.
Luno joins a wave of consolidation among crypto firms, including layoffs at crypto.com, Coinbase, and BitGo, as the industry shifts toward steadier revenue from institutional services and payments.
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