Luno is slashing about 20% of its global workforce amid declining retail trading and a shift toward automation. This move follows a prior 35% cut in January 2023 when the crypto market faced severe challenges.
The CEO, James Lanigan, said that investments in automation and operational improvements over the last year reduced the need for certain roles. Despite layoffs, Luno plans to keep pushing its retail products, infrastructure, and regulatory compliance while growing its business-to-business services.
Combining its 16 million-user retail platform with a white-label service for banks and fintechs, Luno supplies the backend liquidity, wallets, and compliance. This restructuring supports focus on markets in Africa and Southeast Asia, after discontinuing services in select regions starting September 1.
The drop in retail volumes reflects broader struggles in crypto exchanges, as seen with BitMEX and BitMart winding down operations. South Africa’s Discovery Bank integrated over 50 cryptocurrencies through Luno last December, illustrating the potential of Luno’s B2B model.
This content is for informational purposes and does not constitute financial advice.
