Hundreds of people have lost their jobs at companies owned by crypto venture capital firm Digital Currency Group (DCG), as the longer crypto winter boosted by the FTX collapse continues to affect the sector.
Amidst the recent layoffs, London-based cryptocurrency exchange Luno announced on Jan. 25 a reduction of 35% in its workforce, letting go nearly 330 professionals as a result of turbulence in the tech and crypto industries, which affected the firm’s overall growth and revenue members.
Luno was part of DCG’s portfolio alongside HQ Digital, an asset management subsidiary incubated by DCG since 2020 that managed $3.5 billion in assets as of December 2022. HQ operations were shuttered in January 2023, affecting at least 26 employees, according to its LinkedIn profile. In a letter