A Digital Currency Group (DCG) member, Luno, recently revealed its plans to cut down its workforce by 35%. Consequently, about 330 of its total 960 staff would lose their jobs.
Luno To Lay Off 35% Of Its Workers
The continuous bearish crypto market continues to wreak havoc amongst various sectors in the crypto industry. This has cost a lot of crypto firms to fold up while others slashed down their workforce.
According to reports, Luno, a subsidiary firm of DCG based in London, planned to trim the numbers of its workers nationwide. About 330 out of the total 960 staff would lose their jobs, leaving the company with 630 workers.
During the announcement, the spokesperson for Luno claimed the current market downturn led to the firm’s critical decision. He stated that the Luno could not withstand the tumultuous adverse events that plagued the market in 2022.
He concluded that the bearish market drastically reduced Luno’s revenue and general growth, hence, the need to trim its worker’s headcount.
Luno Joins Other DCG Members Who Had Earlier Laid Off Workers
Luno’s recent action added it to the growing list of crypto firms that have laid off some workers to cope with the harsh market environment. Bybit, Crypto.com, BitMEX, and Huobi exchanges reportedly laid off about 30% of their workers last year.
Meanwhile, Coinbase cut loose about 18% of its staff last year. Also, it has relieved about 950 workers of their duties this year. According to an analytic firm, the entire crypto industry has witnessed roughly 30,000 job losses between April 2022 and now.
Furthermore, Timothy Stranex, the co-founder of Luno, left the firm after about ten years of working as its Chief Technology Officer. Luno is a crypto firm founded in 2013 as one of the subsidiaries of the Digital Currency Group.
The firm has its headquarters in London and has branches in South East Asia, Africa, and Europe. Unfortunately, like other crypto-related firms, the Digital Currency Group suffered greatly in 2022 due to bad market conditions.
It reportedly forfeited about 10% of its workforce and shut down its wealth-management sector to cushion the adverse conditions.
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