Luno, the cryptocurrency exchange backed by Digital Currency Group, is cutting about 20% of its global workforce as the company restructures operations and shifts focus toward institutional customers, financial infrastructure and regulatory services.

The job cuts come as cryptocurrency companies continue to adjust to changing market conditions, with retail trading activity affected by price swings in major digital assets, including Bitcoin, Ethereum and Solana.

Chief Executive Officer James Lanigan said the restructuring follows investments in automation and operational improvements that have changed how the company manages its resources.

He said the move would help Luno operate with a leaner structure while continuing to invest in key areas.

“Luno has made material investments in automation and broader operational improvements over the last year and is continuing to integrate and develop tools that are rapidly changing the resource model required to run the business effectively,” Lanigan said.

“These factors mean that a leaner and adapted structure is both necessary and appropriate.”

Luno expands focus on banks and fintech partners

The restructuring will allow Luno to reduce costs, strengthen compliance operations and expand its business-to-business services.

The company plans to provide more infrastructure support to banks, fintech companies and telecommunications firms looking to offer cryptocurrency services.

Luno said its platform can help partners provide digital asset products by offering liquidity, wallet technology and compliance systems.

The company already works with Discovery Bank in South Africa and expects to announce more partnerships during the year.

Stablecoins and cross-border payments become key priorities

The crypto exchange is also increasing its focus on stablecoins designed for emerging markets.

Luno is a founding participant in ZARU, a South African rand-backed stablecoin project alongside Sanlam, Lesaka Technologies and EasyEquities.

The company said it plans to develop similar solutions in other markets where local-currency digital payment infrastructure remains limited.

It is also using its institutional settlement platform to help reduce the cost and complexity of cross-border transactions.

Founded in 2013, Luno is a London-headquartered cryptocurrency exchange that started in South Africa and operates across Africa, Europe and the Asia-Pacific region.

The company, owned by Digital Currency Group, serves more than 16 million users and provides crypto trading, custody and infrastructure services for retail and institutional customers.

The restructuring reflects a broader shift across the crypto industry as exchanges look beyond retail trading and focus on institutional services, payments and financial technology solutions to build more stable business models.