In the latest barrage of job cuts in the tech sector, DCG’s crypto exchange Luno announced on Wednesday that it would reduce its workforce by 35%.
This update comes a week after DCG’s lending unit Genesis filed for bankruptcy. The slump in employment goes beyond just crypto. Tech behemoths like Amazon, Apple, Meta, and Microsoft have cut jobs 50,000 jobs recently.
Luno’s head count on LinkedIn is 960 and job cuts will reduce the total workforce to 630, a reduction of 330. The job cuts are aimed at the marketing department.
The crypto market ate losses of $1 trillion over the last year, leading to bankruptcy filings across multiple firms. Some high-profile cases were Celsius and Three Arrows Capital.
The largest bankruptcy came from the crypto exchange FTX, headed by Sam Bankman Fried.
Created in 2013, Luno grew its customer base to 10 million in over 40 countries. The crypto exchange expanded from offices in South Africa to Asia and Europe and grew its offerings gradually as demand for cryptocurrency rose in emerging economies.
DCG’s lending unit Genesis owed approximately 500,000 creditors $3.4 billion. Some of Genesis’s borrowers are Three Arrows Capital and Alameda Research.
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Disclaimer: This article is not investment advice. It is an attempt to keep crypto-enthusiasts aware of recent developments. Anyone who chooses to invest in any crypto mentioned in any article does so at his own risk.
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