Cryptocurrency exchange, Luno, is laying off 35% of its employees, citing an "incredibly difficult year" in the crypto market.
Luno, a subsidiary of the Digital Currency Group, a crypto conglomerate with offices in South Africa, Nigeria, Southeast Asia, and Europe, has more than 960 employees, implying that the layoff will affect over 330 staff.
According to CEO, Marcus Swanepoel, the crypto industry has experienced a "series of shocks" that have resulted in a constrained funding environment and a shift toward long-term profitability.
“While we anticipated a downturn and proactively planned ahead with a business and funding model that can be resilient to some of these factors, the sheer scale and speed of all of this happening, and all at the same time, has put significant strain on our original plan,” Swanepoel said.
The CEO did not reveal the details of the severance packages Luno would offer, but Swanepoel said they would handle the departures with the empathy, generosity, and gratitude they all deserve.
The news of layoffs at Luno comes less than a week after one of the co-founders, CTO, Timothy Stranex, quietly resigned in December 2022 after nearly ten years at the company.
Stranex co-founded Luno with Carel van Wyk, Pieter Heyns, and Swanepoel.
Article by: chpoint.africa
January 26, 2023 - BY Admin