Uphold cut roughly 17% of its global workforce as it shifts resources toward its enterprise business. The company said weaker retail crypto trading drove the decision, and that it is not closing any offices.
Crypto trading platform Uphold cut roughly 17% of its global workforce as it reallocates resources toward its fast-growing enterprise business. The restructuring affected 85 employees and contractors across several regions.
A strategic decision to double down on enterprise services drove the layoffs, as retail crypto trading activity softened during the recent market downturn. According to chief executive Simon McLoughlin: "We're recalibrating after several years of extraordinary growth, during which we nearly doubled our headcount".
Uphold shifts personnel toward enterprise products
Founded in 2015, the New York City-based firm lets retail and institutional customers buy, sell and hold cryptocurrencies, fiat currencies, equities and precious metals through a single account. It has since built enterprise infrastructure so banks, fintechs and broker-dealers can integrate crypto trading and custody services into their own products.
That momentum, combined with weaker retail demand, made the restructuring necessary, and the company said further growth announcements are expected in the coming months. Uphold also stressed it is not closing its U.K. operations or any of its international offices, adding that all locations remain fully staffed.
Crypto market cap fell to $2.1 trillion
The cuts land in the middle of a crypto winter. Total cryptocurrency market capitalization fell to around $2.1 trillion at the end of the second quarter after three consecutive quarters of declines. Trading volumes weakened and retail participation slowed amid higher interest rates, geopolitical uncertainty and persistent outflows from crypto exchange-traded funds.
U.S. spot bitcoin ETFs recorded a combined $6.9 billion of net outflows in May and June. Flows have recovered in July, including a six-day streak of inflows, yet the rebound remains modest relative to the withdrawals seen during the broader market downturn.
McLoughlin said that by year end the consumer app will offer US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets and enhanced DeFi yield opportunities on assets including XRP.
Sources: CoinDesk, Crypto Briefing
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