Luno, the London-based exchange owned by Digital Currency Group (DCG), announced on Jan. 25 that it was cutting its workforce by 35% to around 330 people, as a result of turbulence in the tech and crypto industry that has affected cryptocurrencies. Overall company growth and revenue figures.
Luno is part of DCG’s investments alongside HQ Digital, the asset management subsidiary established by DCG since 2020, which managed $3.5 billion in assets as of December 2022, with HQ operations closing. Taken in January 2023, affecting at least 26 employees, according to the company’s LinkedIn profile.
In a Jan. 10 letter to shareholders, DCG CEO Barry Silbert observe“While we continue to believe in the concept of HQ and its outstanding leadership team, But the current slowdown is not conducive to the short-term sustainability of that business.”
Silbert’s cited current slump is also hurting DCG’s workforce, with the company slashing its size by nearly 13% earlier this year, laying off 66 people and is on the verge of improving finances and repositioning several senior executives, who are now stagnant. part of the restructuring process
DCG’s Genesis subsidiary also laid off 115 jobs on Jan. 5, with Genesis Global Trading announcing it was cutting its workforce by 30%, or 63 employees, less than six months after the cut of 20%, or 52 employees. people in august
Previously, Genesis Global Holdco, Genesis Global Capital and Genesis Asia Pacific, known collectively as Genesis Capital, filed for bankruptcy protection on Jan. 19, estimating $10 billion in debt.
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