London-based cryptocurrency exchange Luno is the latest company in the industry to announce layoffs, cutting 35% of its global workforce.

CEO Marcus Swanepoel informed employees of the redundancies in a live-streamed town hall, stating that the company has not been immune to the turbulence that has affected the broader tech industry and the crypto market in 2022, impacting their overall growth and revenue numbers.

With a headcount of about 960, according to its LinkedIn profile, over 330 jobs will be impacted, with the marketing teams particularly affected. A Luno spokesperson has stated that the layoff measure will have minimal or no impact on key operating and compliance teams.

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In an internal memo, Swanepoel explains that the company has proactively planned with a business and funding model that is resilient to market changes, but the sheer scale and speed of the recent events have put significant strain on their original plan.

The crypto market has faced a rough year, with about $2 trillion of value erased from the market since its peak in November 2021 and several other crypto companies, such as Three Arrows Capital, Voyager Digital, FTX, BlockFi and Genesis, have also faced failures.