London-based cryptocurrency exchange Luno, part of Barry Silbert’s Digital Currency Group (DCG), plans to cut 35% of its staff. This was disclosed by the platform’s CEO Marcus Swanepoel, according to CNBC.
The publication reports that the company employs about 960 people, meaning more than 330 roles will be affected.
“2022 was an incredibly difficult year for the tech industry as a whole and the crypto markets in particular. […] Unfortunately, Luno has not been insulated from the turbulence that affected our growth and revenue figures,” the company said.
According to a spokesperson for the exchange, the cuts will barely affect “key operations groups and compliance teams.” Luno maintains offices in Europe, Southeast Asia and Africa.
In January, the DCG-backed crypto-lending platform Genesis Global Capital filed for bankruptcy amid fallout from the collapse of the hedge fund Three Arrows Capital in June and the collapse of FTX in November 2022.
If in the first case the parent DCG provided support of $1.1 billion, the second attempts to attract external financing failed. In early 2023, the platform cut 30% of its staff.
In November 2022, Luno excluded the possibility that the Genesis Global Capital crisis would affect its business.
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