Just In: DCG Owned Crypto Exchange Luno Lays Off 35% Of Employees

Luno Layoff News: In yet another sign of continuing market contagion that began with the Genesis bankruptcy, a crypto exchange belonging to the Digital Currency Group (DCG) announced layoffs. The exchanges cited market turbulence for the decision to layoff around 35% of the company’s global headcount. This comes within a week after Consensys, the company behind MetaMask, announced reducing its staff count due to market slowdown. However, in a relief to the crypto market that went through a bad year in 2022, the current rally is giving positive momentum.

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DCG’s Luno Cuts Staff

According to a CNBC report, the company’s move will affect more than 300 employees. Last week, crypto lender Genesis Global filed for Chapter 11 bankruptcy protection, as it fell prey to the FTX led contagion. Luno’s latest move comes as yet another setback to the DCG, which is facing the heat due to the liquidity crisis. The crypto exchange, with around 900 employees, is based in London. The company’s CEO, Marcus Swanepoel, said,

“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.”

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.