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London-based cryptocurrency exchange Luno, which is part of Barry Silbert’s Digital Currency Group (DCG), plans to cut 35% of its staff. This was stated by platform CEO Marcus Swanpool, writes CNBC.
According to the publication, the company employs about 960 people, so the cuts will affect more than 330 of them.
“2022 has been an incredibly difficult year for the tech industry in general and the crypto market in particular. […] Unfortunately, Luno is not immune to the turbulence that has impacted our growth and revenue performance,” the company said in a statement.
According to a spokesperson for the exchange, the cuts will barely affect “key operating groups and compliance teams.” Luno has offices in Europe, Southeast Asia and Africa.
On January 20, DCG-affiliated crypto lending platform Genesis Global Capital filed for bankruptcy amid the aftermath of the default of hedge fund Three Arrows Capital in June and the collapse of FTX in November 2022.
If in the first case the parent DCG provided support in the amount of $1.1 billion, then in the second case, attempts to attract external financing ended in vain. At the beginning of 2023, the platform laid off 30% of its employees.
In November 2022, Luno ruled out the possibility that the Genesis Global Capital crisis would impact the business.
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