DCG Subsidiary Luno Names a New CEO in Preparation for a Public Listing

The London-based cryptocurrency platform – Luno – announced that its long-reigning CEO Marcus Swanepoel will step down from his post to become an Executive Chairman. James Lanigan, who previously served as the firm’s Chief Operating Officer, will replace him.

The new boss will aim to raise funds from new investors (other than DCG) and prepare Luno for eventual public listing.

• Marcus Swanepoel – a South African former banker who founded Luno ten years ago – praised his successor, believing he 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.”

• The new CEO will aim to guide Luno’s global expansion, increase its market share, and work on a possible public listing. He will also seek to raise funds from investors other than the parent company – Digital Currency Group (DCG). 

“I’m passionate about continuing to help Luno build the products and services that guide our customers in a responsible way along every step of their crypto journey while maintaining our dedication to trust, security, and compliance,” Lanigan stated.

• Despite the announced expansion plans, Luno did not start the year off on the right foot, dismissing over a third of its total workforce. 
• It said the bear market and numerous negative events in 2022 have affected the firm’s “overall growth and revenue numbers,” becoming 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.