Cryptocurrency exchange Luno, the London-based trading platform owned by venture capital firm Digital Currency Group (DCG), will let go of 35% of its global workforce, chief executive officer Marcus Swanepoel announced during a live-streamed company meeting on Wednesday.
See related article: US prosecutors, SEC probes Digital Currency Group: report
Fast facts
- “Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers,” Swanepoel said in an internal company note.
- Luno has over 960 employees, according to the company’s LinkedIn account. Around 340 workers are expected to be impacted by the downsizing.
- Luno’s parent company, DCG, is among several companies caught up in the contagion effects of the collapse of the Bahamas-based FTX.com.
- Genesis, the lending unit of DCG, filed for bankruptcy last week, after suspending user withdrawals on Nov. 16, shortly after the collapse of FTX.
See related article: Will FTX’s collapse decentralize the industry?