DCG subsidiary Luno will lay off 35 percent of its employees.

Luno, a cryptocurrency exchange subsidiary of Digital Currency Group (DCG), announced that it plans to lay off around 330 of its 960 global workers.

Luno cited tough market conditions over the past year.

Luno’s CEO, Marcus Swanepoel, informed his employees on a live stream of plans for massive redundancies in the coming days. Company made a statement to CNBC. And blamed turbulent market conditions in 2022 for its struggles, which affected the crypto market at large.

The London-based crypto exchange added that the tough conditions also hampered its growth and revenue. With this announcement, Luno is now the largest layoff exchange in the crypto industry.

According to Luno’s LinkedIn profileThe company has around 960 employees working in various offices around the world.

The company has offices in Africa, Europe and Southeast Asia. About 35% of that workforce will be laid off as the company looks to cut costs during a tough fiscal year. This brings the number of layoffs to over 330.

A Lono spokesperson told CNBC that the marketing team will be the department most affected by Bory’s plan. However, operating and compliance teams will have minimal or no impact.

A series of financial problems

DCG, which owns Luno, had a series of financial problems that never seemed to go away. Just last week, the company Payment of suspended dividends To maintain its liquidity. DCG’s troubles began with a bankruptcy filing with its crypto creditor, birthIn November 2022 after the end of FTX.

Also the company and its CEO Barry Silbert. Securities faces class action. Case (SCA) The SCA was filed by Genesis Lenders claiming that securities laws had been violated by offering unregistered securities.

Other ongoing issues facing the beleaguered DCG include: Creditors’ charge against Silbert A fraudulent scheme to cover up $1.1 billion in losses related to bad bets made in BTC market.

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