The Luno crypto exchange plans to pull out of the Singapore market and scrap its application for a licence in the city-state.
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Luno has appointed its chief operating officer, James Lanigan, as its new CEO as it seeks new funding and eyes a stock market listing.
Luno is cutting 35% of its total workforce, the latest in a slew of companies in the digital assets sector to reduce headcount.
The lending unit of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout.
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Cryptocurrency broker Genesis and its parent DCG owe customers of crypto exchange Gemini $900-million, the FT reported.
Major crypto player Genesis Global Capital suspended customer redemptions in its lending business on Wednesday
Luno has established an investment arm, called Luno Expeditions, that it plans to use to invest in fintech, cryptocurrency and Web3 start-ups.
Naspers-backed cryptocurrency exchange Luno has been acquired by New York-based digital asset investment firm Digital Currency Group.