A deteriorating macroeconomic climate and the collapse of industry giants such as 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, with plans to cut 35% of its global workforce.
The London-based company told employees about the cuts at 12 noon London time on Wednesday in a live-streamed town hall.
“2022 has been an incredibly difficult year for the tech industry in general and the crypto market in particular,” the company said in a statement released to CNBC on Wednesday.
“Unfortunately, Luno is not immune to this turbulence, which has impacted our overall growth and revenues.”
Luno has approximately 960 total employees, according to its LinkedIn profile, which means more than 330 jobs will be affected.
The company, which has offices in Africa, Southeast Asia and Europe, is part of the digital currency conglomerate Digital Currency Group.
DCG is one of several crypto firms affected by the collapse of FTX, formerly one of the world’s largest crypto exchanges. Genesis, the lending arm of DCG, filed for bankruptcy last week.