Marcus Swanepoel

Mar 23, 2023

March 23, 2023 - Advertisement - Co-founder of crypto exchange Luno, Marcus Swanepoel, is stepping down as CEO and will become executive chairman of the firm. Luno is seeking investment from new investors for the first time since it was acquired by DCG in 2020. James Lanigan, Luno’s chief operating officer, will take over the reins as its new CEO, the company said in a press release. LONDON – The CEO of cryptocurrency exchange Luno is stepping aside and handing the reins to its head of operations, the company announced on Wednesday. - Advertisement - This comes as Luno’s parent company, crypto-focused venture capital firm Digital Currency Group, continues to grapple with the turmoil in the crypto market. Luno recently laid off 35% of its global workforce. Related Investment News Here are Morgan Stanley’s favorite quality stocks to buy as the bear market nears its end Michelle Fox 18 hours ago Marcus Swanepoel, a South African former banker who founded Luno in 2013 with the aim of bringing cryptocurrencies to the masses, will leave his CEO position after 10 years to become executive chairman, the company said in a press release on Wednesday. - Advertisement - James Lanigan, chief operating officer of Luno, will take over the reins as the new CEO of Luno. Lanigan joined Luno in 2018 and previously served as chief marketing officer for restaurant reservation platform TheFork, formerly Bookatable. The company said that as executive chairman, Swanepoel will spend less time running the day-to-day running of Luno, instead focusing on working with Lanigan and management to guide strategy and broaden Luno’s investor base. - Advertisement - Swanepoel said in a statement that he is “excited for our next chapter as we continue to put the power of crypto in everyone’s hands.” “The opportunity for crypto is bigger and brighter than ever, and James is an experienced operator and an outstanding leader with a track record of success in all aspects of running a truly global fintech business.” Luno said it has also hired investment banking firm Canaccord Genuity Group to help it raise new investment from outside investors. This is the first time the company is opening up to new investors since it was acquired by DCG in 2020. Luno aims to raise money from investors other than DCG to help expand internationally, gain market share and build an eventual listing, Luno said in a press release. DCG, Luno’s parent company, has been grappling with an ongoing slump from last year’s drop in token prices and the collapse of FTX, the controversial exchange whose failure in November sparked a series of bankruptcies in the industry. Within DCG’s vast portfolio of crypto holdings, digital currency lender Genesis filed for bankruptcy protection owing creditors of at least $3 billion, while Grayscale, the largest crypto asset management firm, filed a lawsuit against FTX over its exposure and extensive waivers. Faces questions on his Bitcoin Investment Trust trades. relative to the underlying asset. CNBC previously reported that DCG-owned crypto news outlet CoinDesk hired investment bank Lazard to explore a possible sale. A DCG spokesperson insisted that Swanepoel’s job transfer was not related to difficulties being faced by Luno’s parent company and had been in the works for 12 months. The spokesperson added that the transition from CEO to executive chairman is “a common path for founding CEOs”. “After first investing in Luno’s seed round in 2014 followed by an acquisition in 2020, we’d like to thank Marcus for his dynamic leadership and enduring enthusiasm for the global crypto landscape,” said Barry Silbert, founder of DCG. Because he turned Luno into a digital asset powerhouse.” And the CEO said in a statement on Wednesday. Swanepoel’s decision to step down as CEO brought an end to the bad news surrounding Luno. The London-based firm, which has offices in Africa, Southeast Asia and Europe, laid off 35% of its staff in January, citing market turbulence. The company also lost its co-founder and chief technology officer, Timothy Strenex, in December. Despite the pain the industry has endured, digital currencies have shown signs of recovery this year. Bitcoin is up 70% since the start of the year and is currently trading above $28,000 for the first time in nine months. Ether, the second largest coin, is up 50% year-to-date and is now priced at $1,800. Watch: Bitcoin at $10,000 – or $250,000? Investors are sharply divided on 2023 Credit: www.cnbc.com /