Luno layoff news report: Another sign of continued market spread originated from the collapse of Genesis 1. The data encryption exchange belonging to Digital Currency Group (DCG) announced layoffs. The exchange cited market turbulence as an excuse to determine that layoffs accounted for about 35% of the company's total employees worldwide. This is within one week after the company behind MetaMask, Consensys, announced that the total number of employees had been reduced due to the market slowdown. However, in order to alleviate the cryptocurrency market that has experienced a bad year in 2022, the rebound trend at this stage is good.
According to CNBC, this move will affect more than 300 employees. Last week, Genesis Global, a data encryption borrower, submitted Chapter 11 bankruptcy protection because he became the scapegoat for the infectious disease caused by FTX. Luno's latest announcement is another setback for DCG. DCG is facing a test due to the liquidity crisis. This data encryption exchange with about 900 employees is located in London, UK. Marcus Swanbauer, CEO of the company, said that,
"The year 2022 is an extremely difficult year for the wider high-tech industry, especially the cryptocurrency market. Unfortunately, Luno was not immune to such turbulence, which seriously affected our own overall income improvement data."
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Tue, 18 Apr 2023