Luno plans to lay off about 20% of its workforce globally and will expand its institutional business.

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PANews July 28, according to Bloomberg, Luno, a cryptocurrency exchange under Digital Currency Group, plans to cut about 20% of its employees worldwide to drive business restructuring and control costs. Luno CEO James Lanigan said the company will expand its B2B business and continue investing 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, wallets, and compliance capabilities to banks, fintech companies, and telecom enterprises, enabling partners to provide crypto services under their own brands. The company also plans to roll out non-USD stablecoin infrastructure in emerging markets.

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