Luno shifts from retail exchange to selling crypto infrastructure to banks

Luno, which operates in four African countries, is pivoting to sell digital asset infrastructure to banks, asset managers and fintechs, including stablecoin issuance and cross-border payments. The company cut 20% of its global workforce in July and acquired payments firm GTXN in September.

• Luno offers Crypto-as-a-Service covering trading, custody and wallets for banks
• Stablecoins are issued via subsidiary BlockTower, payments run through GTXN
• Plans include a Malaysian ringgit-backed stablecoin and a possible naira-backed one
• Luno cut 20% of its global workforce in July, including African teams