Luno Cuts 20% Global Workforce Amid Shift to Institutional Services and Automation
The London-based exchange is restructuring to focus on institutional partnerships and emerging-market infrastructure while reducing headcount by approximately 20%.
Luno Cuts 20% of Workforce as Exchange Shifts Toward Institutional and Automation-Driven Model
Luno, the cryptocurrency exchange headquartered in London and owned by Digital Currency Group, is reducing its global headcount by approximately 20%, according to an announcement from Chief Executive James Lanigan to Bloomberg on Tuesday. The exchange, which serves 16 million users across Africa and Asia-Pacific regions, is restructuring its operations to align with automation investments and a strategic shift away from retail-focused trading services.
Lanigan attributed the workforce reduction to substantial investments in automation and operational improvements implemented over the past year. These technological enhancements have fundamentally changed the human resource requirements to operate the exchange effectively, enabling Luno to maintain operations with a smaller, more specialized team. The restructuring represents the company’s second major workforce cut; Luno previously eliminated 35% of its staff in January 2023 amid challenging market conditions.
Institutional Infrastructure and White-Label Expansion
Rather than competing primarily in retail trading, Luno is redirecting its focus toward its business-to-business division. The new operational model allows lending platforms, fintech companies, and telecommunications firms to offer cryptocurrency services to their customers under their own brands, while Luno supplies the critical infrastructure: liquidity provision, wallet technology, and compliance systems. Discovery Bank, based in Johannesburg, has already partnered with the exchange, with Lanigan signaling that additional institutional partnerships would be announced throughout 2026.
Emerging Markets Strategy and Local Currency Focus
A cornerstone of Luno’s transformation involves capturing market share in emerging economies through local-currency stablecoins. The exchange serves as a founding participant in ZARU, a rand-backed stablecoin developed in collaboration with Sanlam, Lesaka Technologies, and EasyEquities. Management plans to expand this model to other emerging markets where local currency infrastructure remains underdeveloped. Furthermore, Luno intends to leverage its institutional settlement capabilities to reduce costs and friction associated with cross-border money transfers.
Industry-Wide Consolidation in Crypto
Luno’s restructuring reflects a broader pattern of contraction and consolidation throughout the cryptocurrency sector. Crypto.com reduced its workforce by 12% in March as part of an enterprise-wide artificial intelligence pivot. Coinbase followed with a 14% reduction in May, Dune Analytics cut 25% of staff, and BitGo eliminated nearly 15% of positions in June. The consolidation extends further: Block removed approximately 4,000 jobs in February, representing 40% of its total workforce. Exchange closures have also marked the sector, with BitMEX announcing a September 23 shutdown date and BitMart initiating an orderly wind-down following nine years of operations.
Industry observers view these developments as indicative of significant sector transformation. Roshan Dharia, CEO of investment firm Echo Base, characterized the period as representing a time of significant consolidation in digital assets. Across the industry, major players are pivoting toward institutional clients, payment infrastructure, and business-to-business services, which offer more predictable revenue than volatile retail trading markets. This shift signals the crypto sector’s maturation as it transitions from retail-driven trading toward institutional-grade infrastructure and emerging-market financial services.
Source: Bloomberg, via Decrypt. Not financial advice.