Cryptocurrency Exchange Luno Set To Reduce Its Overall Team By 35%
Cryptocurrency Exchange Luno Set To Reduce Its Overall Team By 35%. Cryptocurrency exchange Luno has announced that it will be adjusting the size of its team to navigate the current crypto winter, the company plans on letting go 35% of its staff.
In an extract of the internal message shared with Luno employees the company said, “Hi Lunauts As mentioned at our January Kick-Off earlier, it is with deep regret that I have to announce that we will be reducing our overall Luno team by 35%, impacting Lunauts in all of our regions. 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. As a result, we have to readjust our focus to maintaining our leadership position in our core markets, and continue to lay a strong yet sustainable foundation for the business as we prepare to come out of this current cycle in a very strong position.”
The Luno team comes from a wide range of backgrounds in engineering, finance and industry and they are all united in the company’s passion to revolutionise the way people use money. Most of the company’s team have lived in or worked across many different countries, speak multiple languages, and have successful track records working at top global companies such as Google, Amazon, Morgan Stanley, Barclays and Ernst & Young. With such experience of working for a multinational tech company, most of the staff that is let go can use their skills to secure other jobs or start their own company.
The internal message continued to say, “This decision will affect some of the smartest, kindest and most hard-working people I’ve ever known, who have gone above and beyond to help build our industry, company and amazing culture. As you can imagine it is totally heartbreaking to part with so many incredible people that have contributed so much, and our priority is to handle these departures with the empathy, generosity and gratitude that these Lunauts deserve.”
The company says that whether employees are moving on from Luno or staying aboard, they are all still part of the team who did this all together, and it’s something to be incredibly proud of. Luno believes that while today is a sad day for everyone, it’s important to remember why it is here in the first place. The company says that the financial system is more broken than ever, and with the increased social and political disturbances seen across the globe, the need for more sound money and a better financial system is bigger than ever.
Luno is an independent operating subsidiary of Digital Currency Group. Digital Currency Group’s mission is to accelerate the development of a better financial system. They do this by building and supporting blockchain and digital currency companies using their network, insights, and access to capital. DCG has been the most active investor in the digital currency industry, with investments in over 130 companies in 30 different countries, including market leaders such as CoinDesk, Genesis, and Foundry.
