Luno Reduces Staff by 20% as Part of Strategic Shift

UK-based cryptocurrency exchange Luno has announced a 20% reduction in its global workforce, impacting teams including those based in South Africa. The company cited investments in automation and a focus on building products for banks and larger institutions as drivers behind this restructuring.

The timing coincides with a downturn in the crypto market, where Bitcoin has fallen below $59,000 – its lowest level since September 2024 – along with declines in other major cryptocurrencies like Ethereum, Solana, XRP, and Dogecoin.

Business Model Evolution

Luno generates revenue through transaction fees on crypto trading. When market volatility increases and prices fluctuate, trading activity tends to rise as more people seek to capitalize on opportunities. Conversely, during prolonged downturns or periods of low volatility, trading volumes decrease, impacting revenue streams.

The company previously implemented a 35% workforce reduction in 2023 following a similar crypto market crash. While the latest cuts share some similarities with that earlier restructuring, Luno emphasizes this as part of a strategic evolution rather than solely a response to market conditions.

Leadership Change at Airtel Money Kenya

In other African tech news, Airtel Money Kenya has appointed Bonke Michael as its acting managing director following Anne Kinuthia-Otieno’s recent resignation. This transition occurs as the broader Airtel Money business prepares for an anticipated public listing on the London Stock Exchange (LSE).

Under Kinuthia-Otieno’s leadership, Airtel Money Kenya saw significant growth, with total income rising to KES 1.68 billion ($12 million) in 2025 from KES 1.09 billion ($8.4 million) the previous year – a nearly 50% increase.

The appointment of Michael signals Airtel’s focus on continuity and institutional knowledge as it navigates the IPO process, aiming to convince investors that its mobile money business represents an attractive investment opportunity.