DCG, Luno’s father or mother firm, has been grappling with the continued fallout from final 12 months’s plunge in token costs and the collapse of FTX.
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Vijay Ayyar, a senior government at cryptocurrency change Luno and one in all its earliest staff, is leaving the corporate.
Ayyar, who’s Luno’s vp of company improvement and worldwide, resigned from the agency after seven years working there, he instructed CNBC Tuesday.
It comes after the corporate, which is owned by Digital Currency Group, introduced the closure of its operation in Singapore, the place Ayyar relies.
Ayyar mentioned the transfer was not associated to Luno’s resolution to exit Singapore, nonetheless, and that he give up to affix one other firm within the crypto and Web3 house. Ayyar didn’t disclose which firm he’s becoming a member of subsequent.
“I’ll be leaving Luno after 7 years at the company,” Ayyar mentioned in a WhatsApp message. “Given the time I’d spent at Luno, just seemed like it was time for another challenge.”
A Luno spokesperson confirmed Ayyar’s resolution Tuesday.
“Vijay will be leaving after seven years,” the spokesperson mentioned. “His role is a global one and isn’t tied to anything related to our Singapore closure. He’s leaving to pursue a new opportunity in the industry.”
Ayyar held a lot of roles at Luno over time. He was most lately tasked with constructing out the agency’s business-facing providers, pitching Luno accounts to funds, fintech corporations, and companies wanting to make use of crypto.
Before that, Ayyar led Luno’s partnership efforts globally and helped the change launch in over 40 markets throughout Southeast Asia, Africa, Europe, and the U.S.
In addition to his company duties at Luno, Ayyar additionally serves as one thing of a crypto market guru, offering frequent commentary to the press on strikes in markets.
His departure comes as Luno undergoes a serious restructuring effort to take care of the lull in crypto markets. Luno laid off 35% of its workforce in January, becoming a member of a number of different crypto exchanges which have lower jobs.
The firm additionally misplaced its co-founder and chief know-how officer, Timothy Stranex, in December.
In March, Luno introduced its CEO Marcus Swanepoel was stepping down and would get replaced with Chief Operating Officer James Lanigan.
The firm employed Canaccord Genuity, the funding financial institution, to courtroom outdoors traders for the primary time because it was taken over by DCG in 2020.
DCG, Luno’s father or mother firm, has been grappling with the continued fallout from final 12 months’s plunge in token costs and collapses of quite a few crypto corporations and tasks, together with Terra, Three Arrows Capital, and, most notably, FTX.
DCG reported a lack of $1.1 billion in 2022, DCG-owned crypto news outlet CoinDesk reported in February, citing the agency’s annual investor report. The agency blamed the massive loss on the impression of collapsed crypto hedge fund Three Arrows Capital defaulting on a mortgage to digital forex lender Genesis, which DCG additionally owns. Genesis filed for chapter in January owing collectors north of $3 billion.
WATCH: FTX’s collapse is shaking crypto to its core. The ache will not be over
Source: www.cnbc.com