Layoffs at Luno: DCG crypto exchange Luno is set to cut 35% of jobs amid the harsh crypto winter

Luno, owned by Digital Foreign money Group, stated on Wednesday it might reduce 35% of its complete workforce, the newest in a collection of digital asset corporations to cut back headcount to climate a cryptocurrency market droop.

“2022 has been an extremely powerful 12 months for the broader tech trade and the crypto market particularly,” Luno stated in a press release, including that its progress and income have been impacted by the downturn.

Greater than $1 trillion in worth was worn out of the crypto sector over the previous 12 months, with rising rates of interest including to worries of an financial downturn. The crash led to high-profile bankruptcies of key trade gamers akin to crypto hedge funds Capital with three arrows and Celsius community.

The most important blow, nevertheless, got here after a giant slugfest FTP extension Filed for chapter Nov. Its fast fall has prompted extreme international regulatory scrutiny into the best way crypto corporations maintain funds and conduct enterprise.

CNBC, which first reported the job cuts at Luno, stated the cuts would have an effect on greater than 330 staff out of about 960.

Final week, the lending unit of crypto agency Genesis filed for US chapter safety and owed collectors at the least $3.4 billion after being toppled by the crypto market’s defeat.

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