Unfriendly Crypto Market Forces Crypto Exchange Luno to Trim Workforce

Crypto exchange platform Luno has trimmed its workforce by 35% following a turbulent year that rocked the crypto market.

The company has a total headcount of 960 team members according to its Linkedin profile, with its recent proposed layoff plan, the decision will impact more than 330 jobs at the company.

The company’s CEO Marcus Swanepoel in an Internal message shared with employees disclosed that the downsizing of its workforce was necessitated to enable the company effectively navigate the current crypto winter.

The message reads in part,

“As mentioned at our January kick-off earlier, it is with deep regret that I have to announce that we will be reducing our overall Luno team by 35%, impacting Lunauts in all of our regions.

“2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market. Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.

“As a result, we have to readjust our focus to maintaining our leadership position in our core markets, and continue to lay a stronger yet sustainable foundation for the business as we prepare to come out of this current cycle in a very strong position”.

The CEO further disclosed that the company’s decision will regrettably affect some of its smartest, kindest, and most hard-working team members.

Despite the collapse of one of crypto’s top exchange platforms FTX, which has sent shocking waves to the crypto industry, Luno disclosed that it was not affected even though its parent company Genesis Global faced liquidity pressures until it eventually filed for Chapter 11 bankruptcy protection.

Meanwhile, several crypto companies have been forced to slash their workforce following the FTX contagion. Companies such as Coinbase, Crypto.com, and Kraken have all slashed a significant part of their workforce.

Investors King understands that more than 30,000 jobs have been cut across the crypto industry since last year. So far in 2023, more than two crypto-related firms have implemented job cuts.