Luno retrenching one in every five staff

[Hanno Labuschagne]

Luno retrenching one in every five staff

Luno, a cryptocurrency exchange owned by Digital Currency Group, is cutting about 20% of its staff globally as it restructures, chief executive officer James Lanigan said.

The reorganisation will see the company scale its business-to-business unit, and trim costs in line with current market conditions, Lanigan said in response to questions, declining to elaborate on the exact number of employees affected.

[Bloomberg]

 

[rustypup]

What a weird way to say 20%.....

 

[purrr]

Crypto is dead, bro.

 

[RaptorSA]

Good thing I failed that interview.

 

[EmmanuelGoldstein]

Good thing I failed that interview.

Yup, me too

 

[No this is Patrick]

Could be a false buying signal/bulltrap. Don't fall for it.

 

[RedViking]

Luckily not two in every ten...

 

[RaptorSA]

Crypto is dead, bro.

Crypto is fine.
It's the hype that's dead. That greed money moved in with a new girlfriend.
Personally I'm glad the hype took a dive, I hope it takes a crapton of sh*tcoins with it.

 

[FiestaST]

Just as well they denied me when I applied a few months back

 

[FiestaST]

https://twitter.com/x/status/2082105383171084445

https://www.news24.com/business/tech/crypto-exchange-luno-to-cut-20-of-staff-20260728-0728

 

[NarrowBandFtw]

old as shyte news ... saw the "open to work" statuses flooding LinkedIn like 4 weeks back

press asleep at the wheel as usual

 

[konfab]

 

[Jet-Fighter7700]

dealt with their support the other day was completely Ai no humans there, even when I asked something simple
just kept emailing me back with nonsense Ai responses.

guess they made their money and left the chat

 

[L-Dog]

They can probably do more with less people and Valr has probably also taken some market share.

 

[NarrowBandFtw]

They can probably do more with less people and Valr has probably also taken some market share.

Luno still dwarfs VALR in terms of the number of active customers (16m+ vs undisclosed but thought to be around 8m at best) and trading volumes.

It also does business in more geographic locations, like proper business, not just white labelling someone else's product and forcing people to fund wallets with USDT ... *ahem* ... *cough* ...

The big mistakes Luno made, and to an extent is still making, all of which VALR avoided:
- massively expanded headcount as if there's no tomorrow for years, though that stopped with their first round of layoffs years ago (btw: this is round 3 already)
- operated in markets where they could never win, too much red tape and too much competition: USA, UK, EU, Aus ... they pulled out of those far too late
- focused on B2C for most of its existence, neglecting B2B, VALR did the exact opposite and Luno's only now playing catch-up
- have an expensive, non-crypto native / savvy executive team all based in London, where they don't even operate anymore, DCG needs to reflect on this one long and hard, Luno's parent company and Luno's peons that get retrenched know far more about crypto than most of its bloated exec team ever will