Luno plans to lay off about 20% globally, will expand institutional business

July 28th, according to Bloomberg, Luno, a cryptocurrency exchange under Digital Currency Group, plans to lay off approximately 20% of its global workforce to advance business restructuring and control costs. Luno CEO James Lanigan stated that the company will expand its B2B business and continue to invest in institutional clients, core infrastructure, compliance, and retail products. Luno currently has about 16 million users in Africa and the Asia-Pacific region. It is opening up liquidity, wallet, and compliance capabilities to banks, fintech companies, and telecommunications enterprises, enabling partners to offer crypto services under their own brands. The company also plans to promote non-USD stablecoin infrastructure in emerging markets.