Luno Restructures as Crypto Prices Fall

UK-based cryptocurrency exchange Luno has announced a 20% reduction in its global workforce, including staff in South Africa. The company cited restructuring efforts following investments in automation and a strategic shift toward serving banks and larger businesses.

The layoffs follow a challenging period for cryptocurrencies, with Bitcoin falling below $59,000 in June—its lowest level since September 2024—and other major cryptos experiencing significant declines. This has reduced trading activity on exchanges like Luno, which rely heavily on transaction fees for revenue.

Luno previously cut 35% of its workforce in 2023 after a similar market downturn. While that was framed as a survival measure during a crash, this current restructuring represents a more fundamental change in business direction.

Beyond Retail Trading

For years, Luno focused primarily on retail crypto trading. However, the company is now seeking to diversify its revenue streams by providing services to institutional clients like banks and corporations.

This shift reflects a broader trend in the cryptocurrency industry as regulators scrutinize exchanges and market participants seek more stable business models beyond volatile digital asset speculation.

Airtel Money Kenya Appoints Acting MD

In other African tech news, Bonke Michael has been appointed acting managing director of Airtel Money Kenya. This follows the resignation of Anne Kinuthia-Otieno and comes as Airtel prepares to list its mobile money business on the London Stock Exchange later this year.

Under Kinuthia-Otieno’s leadership, Airtel Money saw significant growth in both revenue (up to KES 1.68 billion) and market share (from 3.1% to 10.9%), posing a stronger challenge to Safaricom’s dominant M-PESA service.

Michael now faces the task of maintaining this momentum as Airtel Money seeks a $10 billion valuation for its IPO—a critical test of whether investors see long-term potential in the mobile money market.