In a month marked by widespread crypto industry restructuring, Luno and Gnosis have emerged as the latest firms to reduce their headcount, joining at least 10 other companies that reported job cuts in July.

Luno's Strategic Pivot and Workforce Reduction

Crypto exchange Luno is reportedly trimming its global workforce by approximately 20%. The move is part of a broader operational restructuring aimed at dedicating more resources to institutional clients, financial infrastructure, and business-to-business services.

A Bloomberg report on Tuesday detailed a statement from Luno CEO James Lanigan, who said the company's investment in automation and other significant operational improvements has altered the resources required to operate the business. While trimming costs to align with current market conditions, Luno plans to continue investing in its compliance, core infrastructure, and retail product offerings.

This recent round of layoffs follows a more substantial workforce reduction by Luno in the past. In January 2023, the exchange laid off 35% of its staff, which impacted nearly 330 employees. At the time, the company cited the widespread turbulence across the technology and crypto sectors as a factor weighing on its revenue and growth.

Founded in South Africa and now owned by Digital Currency Group, Luno caters to a user base of about 16 million across the Africa and Asia-Pacific regions. The company has been expanding its services beyond retail trading to include infrastructure and institutional offerings, such as providing crypto infrastructure for banks and fintech firms.

A Wider Industry Trend

The rationale provided for Luno’s staff reductions—citing automation and operational efficiency—is indicative of a larger trend within the cryptocurrency sector. Several companies have pointed to similar factors, including the integration of AI, when announcing layoffs.

Data from the jobs tracker CryptoJobsList showed that 12 companies in or adjacent to the crypto industry reported layoffs or restructurings during July. The disclosed figures from these announcements totaled 894 affected jobs. For the year 2026, CryptoJobsList has tallied over 7,254 disclosed job cuts across 47 companies, with market conditions being the most frequently cited reason.

It is important to note that this data serves as a general industry indicator rather than a definitive total exclusive to crypto. The figures include financial technology companies related to the sector and are heavily skewed by the 4,000-person reduction at Block in February.

Other Companies Restructure in July

Other firms also announced significant changes during the month.

• Earlier in July, crypto wallet company Exodus announced its intention to cut 25% of its staff. This move is part of a reorganization effort focused on a full-stack card-issuance and stablecoin-payments platform. Exodus projected that the downsizing could generate between $10 million and $13 million in annual operating savings.

• On Tuesday, blockchain infrastructure developer Gnosis publicized an effort to help its former employees find new positions. The company invited firms hiring for roles in engineering, product, design, marketing, developer relations, and customer relations to contact it for introductions to personnel affected by a recent restructuring. In a statement on July 17, Gnosis confirmed it had "reduced its workforce following a review of its consumer-facing Gnosis App."