Another Executive Leaves Luno, Resulting in Talent Exodus

Luno, a cryptocurrency exchange owned by Digital Currency Group, has experienced a high-level departure with Vijay Ayyar, Vice President of Corporate Development and International, leaving after seven years. This follows the announcement of layoffs and the withdrawal of Luno from Singapore. Ayyar, who joined the firm in May 2016, led Luno’s expansion into dozens of markets. However, Luno has been hit by 2022’s market turbulence, with the exchange revealing it would lay off 336 employees, or 35% of its workforce across multiple jurisdictions. Additionally, Luno has lost its co-founder and CTO, Timothy Stranex, and CEO Marcus Swanepoel. Digital Currency Group has incurred significant losses in 2022 due to the crash of the crypto market and the collapse of a crypto hedge fund, leading to defaulting on a loan to Genesis, one of the firm’s lending platforms.