DCG, Luno’s mother or father firm, has been grappling with the continued fallout from final yr’s plunge in token costs and the collapse of FTX.
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Vijay Ayyar, a senior govt at cryptocurrency alternate Luno and one among its earliest staff, is leaving the corporate.
Ayyar, who’s Luno’s vice chairman of company growth and worldwide, resigned from the agency after seven years working there, he advised CNBC Tuesday.
It comes after the corporate, which is owned by Digital Currency Group, introduced the closure of its operation in Singapore, the place Ayyar is predicated.
Ayyar stated the transfer was not associated to Luno’s choice to exit Singapore, nonetheless, and that he give up to hitch one other firm within the crypto and Web3 house. Ayyar didn’t disclose which firm he’s becoming a member of subsequent.
“I’ll be leaving Luno after 7 years at the company,” Ayyar stated in a WhatsApp message. “Given the time I’d spent at Luno, just seemed like it was time for another challenge.”
A Luno spokesperson confirmed Ayyar’s choice Tuesday.
“Vijay will be leaving after seven years,” the spokesperson stated. “His role is a global one and isn’t tied to anything related to our Singapore closure. He’s leaving to pursue a new opportunity in the industry.”
Ayyar held various roles at Luno through the years. He was most lately tasked with constructing out the agency’s business-facing providers, pitching Luno accounts to funds, fintech firms, and companies wanting to make use of crypto.
Before that, Ayyar led Luno’s partnership efforts globally and helped the alternate launch in over 40 markets throughout Southeast Asia, Africa, Europe, and the U.S.
In addition to his company duties at Luno, Ayyar additionally serves as one thing of a crypto market guru, offering frequent commentary to the press on strikes in markets.
His departure comes as Luno undergoes a significant restructuring effort to cope with the lull in crypto markets. Luno laid off 35% of its workforce in January, becoming a member of a number of different crypto exchanges which have lower jobs.
The firm additionally misplaced its co-founder and chief expertise officer, Timothy Stranex, in December.
In March, Luno introduced its CEO Marcus Swanepoel was stepping down and would get replaced with Chief Operating Officer James Lanigan.
The firm employed Canaccord Genuity, the funding financial institution, to court docket exterior traders for the primary time because it was taken over by DCG in 2020.
DCG, Luno’s mother or father firm, has been grappling with the continued fallout from final yr’s plunge in token costs, and the collapse of FTX, the controversial alternate whose failure in November sparked a collection of bankruptcies within the business.
WATCH: FTX’s collapse is shaking crypto to its core. The ache is probably not over
Source: www.cnbc.com”