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Cryptocurrencies: 28638
Markets: 116139
Market Cap: $2,414,386,493,420     
24h Vol: $51,889,018,872
Seeking Alpha 2023-01-25 15:01:26

Crypto exchange Luno cuts 35% of workforce as DCG ensnarled in FTX fallout

Crypto exchange Luno cuts 35% of workforce as DCG ensnarled in FTX fallout
Luno, a London-based cryptocurrency exchange, is slashing 35% is global workforce, making it the latest firm in the languishing industry to make job cuts, according to a Wednesday blog post . The company cited "an incredibly tough year for the broader tech industry and in particular the crypto market" when announcing its layoffs. "Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers." The firm is owned by Digital Currency Group ("DCG"), the crypto-focused conglomerate that was said to have explored raising fresh capital by offloading some of the assets in its venture capital portfolio in the wake of a market downturn. On Jan. 20, crypto broker Genesis -- DCG's lending unit -- filed for bankruptcy protection after suffering from the fallout from crypto exchange FTX ( FTT-USD ) and hedge fund Three Arrows Capital.
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