DCG’s Luno Subsidiary Appoints a New Chief Executive Officer
The new CEO of Luno will oversee the company’s worldwide development and prepare it for an eventual Nasdaq offering.
Luno, a cryptocurrency platform in London, has announced that its long-serving CEO, Marcus Swanepoel, would step down to become Executive Chairman. James Lanigan, former Chief Operating Officer of the organization, will succeed him.
The new leader will seek funding from new investors (other than DCG) and prepare Luno for its eventual public offering.
Marcus Swanepoel, a former South African banker who co-founded Luno a decade ago, commended his replacement, thinking he could assist the platform in achieving its primary objectives.
James is a seasoned operator and an extraordinary leader with a track record of success in all facets of operating a global fintech organization. The possibility for cryptocurrencies is greater and brighter than ever before.
The next CEO will guide Luno’s worldwide development, increase its market share, and work toward a future IPO. He will also seek funding from investors other than Digital Currency Group, the leading firm.
Lanigan commented, “I am passionate about continuing to help Luno develop products and services that responsibly guide our customers through every step of their crypto journey, while maintaining our commitment to trust, security, and compliance.”
Despite its declared growth aspirations, Luno began the year poorly by laying off more than one-third of its workers.
According to the statement, the bear market and several unfavorable occurrences in 2022 have hurt the company’s “overall growth and revenue numbers,” making layoffs the primary cause.
Luno is a subsidiary of DCG, which was infected by the FTX infection. At the end of 2022, it laid off around 10 percent of its workforce and shut down its wealth-management section.
Additionally, one of its other subsidiaries, Genesis, filed for bankruptcy, and Gemini’s co-founder, Cameron Winklevoss, threatened to sue CEO Barry Silbert.