A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin’s price this year.
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Cryptocurrency exchange Luno is the latest company in the industry to make layoffs, setting out to cut 35% of its global workforce.
The London-based firm informed employees of the redundancies at 12 p.m. London time on Wednesday in a livestreamed town hall.
“2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market,” the company said in a statement shared with CNBC Wednesday.
“Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.”
Luno has a total headcount of roughly 960, according to its LinkedIn profile, meaning that more than 330 jobs will be impacted.
The company, which has offices in Africa, South East Asia and Europe, is part of the Digital Currency Group crypto conglomerate.
DCG is one of several crypto firms caught up in the fallout from the collapse of FTX, formerly one of the world’s largest crypto exchanges. Genesis, the lending unit of DCG, filed for bankruptcy last week.