Luno cuts ~20% of global staff as CEO Lanigan cites automation investments; exchange pivots to B2B and non-US stablecoins. Second layoff round since 2023.
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Luno is cutting about 20% of its staff worldwide, chief executive James Lanigan told Bloomberg on Tuesday. The exchange, owned by Digital Currency Group and based in London, has 16 million users across Africa and Asia-Pacific.
Lanigan said Luno made “material investments in automation and broader operational improvements over the last year” and is building tools “that are rapidly changing the resource model required to run the business effectively,” allowing for a “leaner and adapted structure.” It is Luno’s second deep workforce cut. The exchange shed 35% of staff in January 2023, blaming an “incredibly tough year” for crypto markets.
The restructure aims to scale Luno’s business-to-business unit. The exchange plans to let lenders, fintechs and telecoms firms offer crypto under their own brands while Luno supplies the liquidity, wallet infrastructure and compliance behind it. Johannesburg’s Discovery Bank is already a partner, and Lanigan said more will be announced through the year.
Luno also wants a position in non-U.S. stablecoins across emerging markets. It is a founding participant in ZARU, a rand-backed stablecoin whose other founders include Sanlam, Lesaka Technologies and EasyEquities. Lanigan said the firm will copy the model in other markets where local-currency infrastructure is thin and will use its institutional-settlement business to cut the cost of moving money across borders.
The layoffs join a wave. Crypto.com cut 12% in March, calling it a pivot to “enterprise-wide AI.” Coinbase cut 14% in May. Dune Analytics cut 25%, and BitGo nearly 15% in June. Block shed about 4,000 jobs in February, roughly 40% of its workforce. Exchanges are chasing steadier revenue from institutions, payments and infrastructure while retail trading stays volatile. Some have stopped altogether. BitMEX said last week it will close on September 23. BitMart followed three days later with an orderly wind-down after nine years, indicating a “period of significant consolidation in digital assets,” Roshan Dharia, CEO of investment firm Echo Base, told Decrypt.
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