Luno Cuts Staff by Over 330, Joining Crypto Market Layoff Trend
26.1.2023 | 09:22
• Crypto platform Luno will reportedly slash its headcount by more than 330 people.
• The London-based cryptocurrency platform is joining the growing list of industry players dismissing staff due to the bear market.
• A spokesperson of the trading venue stated that 2022 has been an incredibly tough year for the crypto market, affecting Luno’s overall growth and revenue numbers.
The crypto market has been struggling for the past year, and the effects are being felt by trading venues across the globe. London-based cryptocurrency platform Luno is the latest to join the list of companies facing tough times, as it is reportedly laying off more than 330 of its employees.
The news was initially reported by CNBC, stating that Luno will reduce its headcount from 960 to around 630. Luno joins a growing list of industry players that have had to make cuts due to the bear market, including Coinbase, Crypto.com, Bybit, Huobi, Gemini, and more.
A spokesperson of the trading venue stated that “2022 has been an incredibly tough year for the broader tech industry and, in particular, the crypto market. Luno, unfortunately, hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.”
Luno is a global cryptocurrency platform that offers users a secure and easy way to buy, store, use, and learn about digital currencies. The platform offers users the ability to buy and sell Bitcoin, Ethereum, and other digital currencies, as well as store and manage them in a secure online wallet. Luno also offers cryptocurrency education, including guides and resources to help users understand the digital asset class.
The news of Luno’s layoffs follows a string of other cryptocurrency companies that have had to make similar decisions in light of the bear market. Coinbase recently announced that it was cutting 100 jobs, while Crypto.com, Bybit, Huobi, and Gemini have all had to make cuts as well.
It is unclear how the news of Luno’s layoffs will affect its business, but it is clear that the crypto market is feeling the effects of the bear market. Industry players will have to continue to find ways to weather the storm and stay afloat during these difficult times.
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