Cryptocurrency exchange Luno is the latest company in the industry to lay off, looking to cut 35% of its global workforce.
The London-based company notified its employees of the layoffs at a livestreamed Town Hall on Wednesday at 12pm London time.
“2022 has been a very tough year for the broader tech industry, especially the crypto market,” the company said in a statement shared with CNBC on Wednesday.
“Unfortunately, Luno has been impacted by this turbulence, which has impacted our overall growth and earnings numbers.”
According to its LinkedIn profile, Luno has a total workforce of about 960 people, with more than 330 jobs affected.
With offices in Africa, Southeast Asia and Europe, the company is part of the Digital Currency Group’s crypto conglomerate.
DCG is one of several crypto companies caught up in the fallout of FTX, formerly one of the world’s largest crypto exchanges. DCG’s lending arm, Genesis, filed for bankruptcy last week.