London-based cryptocurrency exchange Luno today informed its entire workforce that 35 per cent of the roles within the company are to be axed.
The long-standing firm, with offices across Europe, South East Asia and Africa, is owned by struggling conglomerate DCG (Digital Currency Group).
It is understood around 960 people currently work for Luno, meaning more than 300 roles will be cut.
“2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market,” a company statement said.
“Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.”
DCG is one of many crypto firms hit by a wave of exposure from the recent collapse of FTX. Its lending arm – Genesis – was forced to file for bankruptcy following a public spat with the Winklevoss twins’ Gemini exchange.
The Digital Currency Group’s CEO, Barry Silbert, last week hinted the company may have to offload assets to maintain liquidity.