British cryptocurrency platform Luno is also cutting its staff

British cryptocurrency platform Luno is also cutting its staff


Posted January 25, 2023, 4:57 PM

We rarely escape the swelling of the earth. British cryptocurrency trading platform Luno is also being forced to cut its staff. It announced on Wednesday that it will reduce the number of its employees by 35%, or some 330 jobs out of a total of 960, according to data provided by the news channel CNBC.

Digital Currency Group (DCB), its parent company, is also engulfed in a spiral that has affected the entire cryptocurrency industry, since the collapse of investment fund Three Arrows Capital (3AC) in June andnew program from FTX. He just put it Genesis, its cryptocurrency broker, is in Chapter 11 bankruptcy.

A sharp and rapid market downturn

2022 has been a very difficult year for the technology industry in general and the cryptocurrency market in particular. shows the company, Unfortunately, Luno was not immune to these headwinds, which affected our overall growth and revenue. Although we expected to slow down (…) the scale and speed of everything happening, and all at the same time, has affected our original development plan. The platform, however, would like to reassure you by announcing that customer funds remain completely safe.

In mid-January, a large sector Coinbase had announced that it wanted to lay off 20% of its workforceor 950 people. In turn, Crypto.com, based in Singapore, launched a plan to cut about one fifth of the postsits second diet after cutting 260 jobs in June, or 5% of the workforce.

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