Luno, the cryptocurrency exchange backed by Digital Currency Group, is laying off about 20% of its global workforce. CEO James Lanigan is leading the restructuring as the company shifts its focus toward institutional clients and stablecoin infrastructure.
Why the cuts are happening
The layoffs come as Luno repositions itself in a market that has grown increasingly competitive on the retail side. By trimming headcount, the company aims to free up resources for building products tailored to businesses and financial institutions. Lanigan said the move is part of a broader strategy to concentrate on areas where Luno sees the strongest demand — namely, stablecoin rails and services for professional investors.
What's changing
Luno will now prioritize its institutional offering, which includes custody, trading, and settlement tools. The company also plans to double down on stablecoin infrastructure, a segment that has attracted interest from traditional finance firms looking for faster payment and settlement options. The retail side of the business won't disappear, but it will no longer be the main growth engine.
The exact number of employees affected wasn't disclosed, but a 20% reduction from a workforce that stood at roughly 1,000 people before the cuts means around 200 positions are being eliminated. Those losing their jobs will receive severance packages, the company said.
Who's affected
Staff across multiple offices and departments are being let go, though Luno didn't specify which teams were hit hardest. The company operates in more than 40 countries, with major hubs in London, Singapore, Cape Town, and Kuala Lumpur. Lanigan, who took over as CEO in 2022, said the decision was difficult but necessary to ensure the business can compete effectively in the next phase of crypto adoption.
Industry context
Luno's pivot mirrors a broader trend among crypto firms that expanded rapidly during the 2021 bull run and are now tightening belts. While the company didn't cite financial distress, the layoffs come at a time when many exchanges are rethinking their strategies after a prolonged bear market and regulatory uncertainty in key markets like the United States.
The focus on stablecoins is notable. These digital assets, pegged to fiat currencies like the US dollar, have become a backbone for crypto trading and are increasingly used for cross-border payments. By building infrastructure around them, Luno is betting that demand from institutions will grow as regulatory frameworks become clearer.
What remains unclear is how the cuts will affect Luno's existing retail users. The company said it will continue to support its consumer app, but the reduced headcount raises questions about how much innovation or customer support those users can expect going forward.
