The deteriorating macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on the price of bitcoin this year.
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Cryptocurrency exchange Luno is the latest company in the industry to lay off, moving to cut 35% of its global workforce.
The London-based company informed employees of the layoffs at 12pm London time on Wednesday in a livestreamed town hall.
“2022 has been an incredibly challenging year for the tech industry at large and the crypto market in particular,” the company said in a statement shared with CNBC on Wednesday.
“Luno has unfortunately not been immune to this turbulence, which has affected our overall growth and revenue numbers.”
Luno has a total workforce of around 960 people, 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 crypto conglomerate Digital Currency Group.
DCG is one of many crypto firms caught in the fallout from the collapse of FTX, formerly one of the largest crypto exchanges in the world. Genesis, DCG’s loan unit, filed for bankruptcy Last week.