BlocksInform
London's cryptocurrency platform, Luno, is expected to shrink its team by more than 330 staff.
He adds his name to the growing list of industry players by firing staff as a result of the bear market, including coinbase, crypto.com, bybit, huobi, gemini, and more.
- According to CNBC coverage, Luno will reduce its headcount from 960 to around 630.
“2022 has been an incredibly tough year for the broader tech industry and, in particular, the crypto market. Luno, unfortunately, has not been immune to this turbulence, which has had an impact on our overall growth and sales," said a spokesman for the trading platform.
- Several other exchanges of cryptocurrencies have already imposed redundancies. Coinbase dismissed 18% last year and additional 950 people earlier this month. Bybit (30%), Huobi (30%), BitMEX (30%), and Crypto.com are part of that club, too.
- Luno is under the aegis of the digital money group in difficulty. Although its headquarters are in London, the company has offices in Europe, Africa and Southeast Asia.
- DCG – one of the numerous cryptocurrency entities caught up in the FTX domino effect – has to cope with multiple issues.
- It dismissed 10% of its staff last year and closed its wealth-management division. One of its subsidiaries – Genesis – filed for bankruptcy protection, following which Gemini’s Co-Founder – Cameron Winklevoss – threatened to sue CEO Barry Silbert:
"Unless Barry and DCG come to their senses and make a fair offer to creditors, we will sue Barry and DCG soon," he said.
- Winklevoss has already claimed that Digital Currency Group owes Genesis more than $1.6 billion, blaming Silbert for causing this "mess." He also urged the Board of DCG to remove him immediately.
