• Crypto platform Luno will supposedly slash its headcount by more than 330 people.
• Luno will reduce its headcount from 960 to around 630 due to the bear market.
• The company joins the list of industry players dismissing staff, including Coinbase, Crypto.com, Bybit, Huobi, Gemini, and more.
The cryptocurrency market has been facing a bear market for quite some time now, leading to several industry players having to make tough decisions. London-based cryptocurrency platform Luno is no exception, as the company announced that it will be laying off more than 330 people from its 960-strong team.
This news comes after several other cryptocurrency firms have had to make similar decisions, such as Coinbase, Crypto.com, Bybit, Huobi, Gemini, and more. All of these companies have had to cut back on their staff due to the bear market, and Luno is no exception.
The company released a statement to CNBC, in which they acknowledged the difficult situation the tech industry, and in particular the crypto market, have been facing in the past year. They explained that Luno has not been immune to this market turbulence, which has affected the company’s growth and revenue numbers.
The statement further elaborated on the decision to lay off employees, and explained that the company has taken measures to ensure that the process is as smooth as possible. Luno will be providing severance packages and outplacement services to those affected by the layoffs, and will go out of their way to ensure that their former employees have the resources they need to transition into new roles.
Despite the difficult situation, the company still remains focused on its mission to make crypto accessible to everyone, and is determined to weather the bear market. They are confident that the market will eventually recover, and that the company will be well-positioned to take advantage of the opportunity when it does.
In the meantime, Luno will continue to provide its users with a secure and easy to use platform to trade, store, and learn about cryptocurrency. The company will also be launching new initiatives and products to keep up with the evolving market.
No matter the outcome of the bear market, Luno is determined to stay true to its mission and continue to provide its users with the best possible service.