Cryptocurrency exchange, Luno has joined the increasing list of cryptocurrency firms laying off workers.
This time, the firm is reportedly laying off 35 percent of its workforce.
As reported by CNBC, the firm’s CEO Marcus Swanepoe made this known on Monday during a live-streamed town hall meeting with employees.
A memo cited by CNBC reads “2022 has been an incredibly tough year for the broader tech industry and, in particular, the crypto market. Luno, unfortunately, hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.”
“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,
“What this means in practice is that in addition to streamlining our strategy to focus on our core strengths, we need to also substantially decrease our cost base – which includes employee headcount in all of our markets – in order for us to be set up for success going forward.”
Luno operates in over 40 markets across North America, Africa, Asia, and Europe, with over 10 million customers, according to the firm.