Crypto Exchange Luno to Cut About 20% of Global Workforce in Institutional Pivot

Luno, a cryptocurrency exchange based in South Africa, is cutting approximately 20% of its global workforce as part of a restructuring that steers the company toward institutional clients, according to Chief Executive James Lanigan.

Lanigan said the reorganization will involve expanding the firm's business-to-business division while trimming costs to match current market conditions, according to BitKE. He declined to specify how many employees would be affected.

According to Decrypt, Lanigan pointed to automation as a factor reshaping the business, with the exchange moving away from retail trading and toward institutional infrastructure. BitKE reported that Lanigan said Luno had made significant investments in automation and operational improvements over the past year, and that a leaner structure was both necessary and appropriate.