Luno, the London-based cryptocurrency platform, has announced that its CEO Marcus Swanepoel will step down from his post to become an Executive Chairman. James Lanigan, the firm’s former Chief Operating Officer, will take over as the new CEO.
Lanigan will focus on raising funds from new investors, preparing Luno for eventual public listing, and guiding the platform’s global expansion while increasing its market share. He will also seek to raise funds from investors other than Luno’s parent company, Digital Currency Group (DCG).
- Marcus Swanepoel, the South African former banker who founded Luno ten years ago, praised Lanigan as an outstanding leader with a track record of success across all aspects of running a truly global fintech business. Swanepoel believes that Lanigan could help the platform achieve its primary goals.
“The opportunity for crypto is bigger and brighter than ever, and James is a seasoned operator and an outstanding leader with a track record of success across all aspects of running a truly global fintech business.”
Despite the announced expansion plans, Luno dismissed over a third of its total workforce at the beginning of the year. The bear market and numerous negative events in 2022 affected Luno’s overall growth and revenue numbers and became the main reasons behind the layoffs.
Luno is under the umbrella of DCG, which was caught up in the FTX contagion. It fired around 10% of its staff towards the end of 2022 and closed its wealth-management division. In addition, one of its other subsidiaries, Genesis, filed for bankruptcy protection, while Gemini’s Co-Founder, Cameron Winklevoss, threatened to sue CEO Barry Silbert.