Luno, a cryptocurrency exchange, has announced that its CEO, Marcus Swanepoel, will be stepping down and taking on the role of executive chairman. The position of CEO will be filled by the head of operations as Luno’s parent company, Digital Currency Group, struggles with the ongoing turbulence in the crypto market.

 In addition, Luno has recently laid off a significant portion of its global workforce. Swanepoel, a former South African banker who founded Luno in 2013 with the goal of making crypto more accessible to the general public, will be transitioning from his role after serving as CEO for a decade.

James Lanigan, Luno’s chief operating officer, will take over the reins as Luno’s new CEO. Lanigan joined Luno in 2018 and previously served as chief marketing officer for the restaurant reservation platform TheFork, formerly Bookatable.

As executive chairman, Swanepoel will spend less time in the day-to-day running of Luno, instead working with Lanigan and management to guide strategy and focus on broadening Luno’s investor base, the company said.

In a statement, Swanepoel said he was “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 a seasoned operator and an outstanding leader with a track record of success across 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. It marks the first time the company is opening up to new investors since being acquired by DCG in 2020.