Luno, the cryptocurrency exchange owned by Digital Currency Group, is cutting approximately 20% of its global workforce. These reductions, announced on July 28, are part of a restructuring aimed at cutting costs and repositioning the company toward institutional clients rather than retail traders. Luno already slashed 35% of its staff in January 2023, and this new round of layoffs confirms that its retail-focused model cannot sustain its cost structure. CEO James Lanigan, who took over in March 2023, is now steering the company toward B2B services and institutional product offerings, with stablecoin infrastructure as a central pillar of the new strategy. Parent company Digital Currency Group, which survived the collapse of its lending subsidiary Genesis in 2023, continues stabilizing its portfolio, and Luno’s restructuring fits that pattern.
Source: Read the original article
