“2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market,” Luno stated in a press release, including that its progress and income has been affected by the downturn.
More than a trillion {dollars} in worth was worn out from the crypto sector final 12 months, with rising rates of interest exacerbating worries of an financial downturn. The crash led to high-profile bankruptcies of key trade gamers reminiscent of crypto hedge fund Three Arrows Capital and Celsius Network.
Still, the most important blow got here after main alternate FTX filed for chapter safety in November. Its swift fall has sparked robust international regulatory scrutiny of how crypto companies maintain funds and conduct business operations.
CNBC, which first reported the job cuts at Luno, stated the discount would impression greater than 330 workers out of about 960.
Last week, the lending unit of crypto agency Genesis filed for U.S. chapter safety, owing collectors no less than $3.4 billion after being toppled by the crypto market rout.
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