Luno Cuts 20% of Workforce in Shift Toward Automation and B2B Infrastructure

Luno, the London-headquartered cryptocurrency exchange owned by Digital Currency Group, is eliminating approximately 20% of its global workforce as part of an operational pivot toward automation, business-to-business infrastructure, and emerging market stablecoins. Chief Executive Officer James Lanigan disclosed the job cuts in an interview with Bloomberg, though he declined to specify the exact number of affected positions across its 16 million user base in Africa and the Asia-Pacific region.

The workforce reduction stems from extensive investments in automation tools and internal operational upgrades over the past year. According to Lanigan, these technological adjustments are rapidly changing the resource model necessary to operate the exchange, facilitating a leaner corporate structure.

This is Luno’s second major restructuring in recent years. In January 2023, the platform reduced its workforce by 35% in response to severe headwinds across the global digital asset market.

As part of its strategic shift, Luno is expanding its business-to-business operations to secure more predictable institutional revenue. The platform plans to supply wallet infrastructure, liquidity, and compliance services to commercial lenders, fintech firms, and telecommunications companies, enabling them to offer digital asset services under their own brands. Johannesburg-based Discovery Bank is already utilizing Luno’s enterprise infrastructure, with further corporate partnerships expected later this year.

Luno is also seeking to build a presence in non-U.S. dollar stablecoins designed for developing economies. The exchange is a founding partner of ZARU, a South African rand-backed Stablecoin launched alongside financial services provider Sanlam, technology firm Lesaka Technologies, and investment platform EasyEquities. Lanigan noted that Luno plans to duplicate this localized model in other emerging markets with underdeveloped currency infrastructure, leveraging its institutional settlement capabilities to reduce cross-border payment costs.

The job cuts at Luno coincide with broader retrenchment across the crypto sector as companies adopt automation and recalibrate business models. In March, Crypto.com laid off 12% of its staff to align with an enterprise AI focus, while Coinbase reduced its headcount by 14% in May. Infrastructure firm BitGo eliminated nearly 15% of its workforce in June citing AI-driven operations, Dune Analytics cut 25%, and payments network Block cut roughly 4,000 roles, representing about 40% of its workforce, in February.

The industry is simultaneously witnessing operational shutdowns amid shifting market dynamics. Derivatives exchange BitMEX announced it will cease operations on September 23, and BitMart recently initiated an orderly wind-down after nine years of operation. Commenting on the broader trend, Roshan Dharia, chief executive officer of investment firm Echo Base, pointed out that digital assets are undergoing a period of significant consolidation.