Cryptocurrency exchange Luno is cutting 35% of its workforce, citing the “incredibly tough year” affecting the crypto market.
According to the company’s LinkedIn page, Luno has more than 600 employees, meaning it will cut over 210 jobs. Luno said the layoffs will affect employees in all regions. Headquartered in London, Luno has offices in Singapore, Cape Town, Johannesburg, Lagos and Sydney.
“2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market,” Luno said Wednesday. “Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.”
Luno’s co-founder and Chief Technology Officer Timothy Stranex left Luno in December last year, nearly 10 years after founding the firm alongside Carel van Wyk, Pieter Heyns and current CEO Marcus Swanepoel.
Luno is owned by Digital Currency Group (DCG), which is also the parent company of CoinDesk.
CoinDesk estimates that over 29,000 jobs have been cut across the crypto industry since April of last year.
UPDATE (Jan. 25, 14:27 UTC): Adds estimate of number of jobs Luno is cutting and further context and detail.