Crypto exchange Luno is laying off about 20% of its global workforce as it cuts costs.
Chief Executive Officer James Lanigan confirmed the move to Bloomberg but did not disclose how many employees would be affected.
He said investments in automation and operational improvements had changed the resources required to run the business.
Luno plans to maintain investment in its consumer platform, infrastructure and regulatory compliance.
Local-currency stablecoins are another area of focus for the exchange.
Luno is a founding participant in ZARU, a South African stablecoin backed by rand-denominated assets.
The initiative also involves Sanlam, EasyEquities and Lesaka Technologies.
The company is also building services for businesses that want to offer cryptocurrency products through their own platforms.
Luno would provide wallet infrastructure, access to liquidity and compliance capabilities.
Lanigan put the exchange’s customer base at about 16 million across Africa and the Asia-Pacific region.
South Africa’s Discovery Bank is among its partners. Customers can create or link a Luno account and buy or sell cryptocurrencies through the bank’s app.
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