DCG, Luno’s dad or mum firm, has been grappling with the continuing fallout from final 12 months’s plunge in token costs and the collapse of FTX.
Rafael Henrique | Sopa Photos | Lightrocket through Getty Photos
Vijay Ayyar, a senior government at cryptocurrency change Luno and one in all its earliest workers, is leaving the corporate.
Ayyar, who’s Luno’s vp of company growth and worldwide, resigned from the agency after seven years working there, he instructed CNBC Tuesday.
It comes after the corporate, which is owned by Digital Forex Group, introduced the closure of its operation in Singapore, the place Ayyar is predicated.
Ayyar mentioned 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 area. Ayyar didn’t disclose which firm he’s becoming a member of subsequent.
“I will be leaving Luno after 7 years on the firm,” Ayyar mentioned in a WhatsApp message. “Given the time I would spent at Luno, simply appeared prefer it was time for an additional problem.”
A Luno spokesperson confirmed Ayyar’s choice Tuesday.
“Vijay can be leaving after seven years,” the spokesperson mentioned. “His position is a world one and is not tied to something associated to our Singapore closure. He is leaving to pursue a brand new alternative within the business.”
Ayyar held quite a few roles at Luno through the years. He was most lately tasked with constructing out the agency’s business-facing companies, pitching Luno accounts to funds, fintech corporations, and companies wanting to make use of crypto.
Earlier than that, Ayyar led Luno’s partnership efforts globally and helped the change launch in over 40 markets throughout Southeast Asia, Africa, Europe, and the U.S.
Along with 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 deal 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 reduce jobs.
The corporate 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 Working Officer James Lanigan.
The corporate employed Canaccord Genuity, the funding financial institution, to courtroom exterior traders for the primary time because it was taken over by DCG in 2020.
DCG, Luno’s dad or mum firm, has been grappling with the continuing fallout from final 12 months’s plunge in token costs and collapses of quite a few crypto corporations and tasks, together with Terra, Three Arrows Capital, and, most notably, FTX.
DCG reported a lack of $1.1 billion in 2022, DCG-owned crypto information outlet CoinDesk reported in February, citing the agency’s annual investor report. The agency blamed the large loss on the impression of collapsed crypto hedge fund Three Arrows Capital defaulting on a mortgage to digital foreign money lender Genesis, which DCG additionally owns. Genesis filed for chapter in January owing collectors north of $3 billion.
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