Cryptocurrency exchange Luno, the London-based trading platform owned by venture capital firm Digital Currency Group (DCG), will let go of 35% of its global workforce, chief executive officer Marcus Swanepoel announced during a live-streamed company meeting on Wednesday.
See related article: US prosecutors, SEC probes Digital Currency Group: report
Fast facts
“Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers,” Swanepoel said in an internal company note.
Luno has over 960 employees, according to the company’s LinkedIn account. Around 340 workers are expected to be impacted by the downsizing.
Luno’s parent company, DCG, is among several companies caught up in the contagion effects of the collapse of the Bahamas-based FTX.com.
Genesis, the lending unit of DCG, filed for bankruptcy last week , after suspending user withdrawals on Nov. 16, shortly after the collapse of FTX.
See related article: Will FTX’s collapse decentralize the industry?
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