Luno, owned by Digital Currency Group, is cutting about 20% of its global workforce, according to CEO James Lanigan, who declined to specify the number of roles affected. The London-based exchange, serving 16 million users across Africa and Asia-Pacific, cites its investments in automation as transforming its operational model. This is its second major workforce reduction after a 35% cut in January 2023. The firm is pivoting toward institutional infrastructure and emerging market stablecoins, including ZARU, a rand-backed stablecoin. This restructuring comes amid a broader wave of crypto consolidation, including layoffs at Crypto.com (12%), Coinbase (14%), BitGo (15%) and Block (40%).
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