Crypto trading platform Uphold said it cut roughly 17% of its global workforce as it reallocates resources toward its fast-growing enterprise business.
Eight five people in total were affected by the cuts, and this included permanent staff and contractors.
The layoffs, which hit employees across multiple regions, were driven by a strategic decision to double down on enterprise services as retail crypto trading activity softened during the recent market downturn.
“We’re recalibrating after several years of extraordinary growth, during which we nearly doubled our headcount, CEO Simon McLoughlin said in emailed comments. “Despite the current slowdown in crypto trading activity, we’ve never been more confident in the prospects for digital assets and blockchain technology.”
Founded in 2015, the New York City-based firm is a digital asset trading platform that lets retail and institutional customers buy, sell and hold cryptocurrencies, fiat currencies, equities and precious metals through a single account.
In recent years, it has expanded beyond its consumer trading app, building enterprise infrastructure that enables banks, fintechs and broker-dealers to integrate crypto trading and custody services into their own products.
The cuts come as the crypto industry grapples with a prolonged downturn. After three consecutive quarters of declines, the total cryptocurrency market capitalization fell to around $2.1 trillion at the end of the second quarter, while trading volumes weakened and retail participation slowed amid higher interest rates, geopolitical uncertainty and persistent outflows from crypto exchange-traded fund (ETF).
U.S. spot bitcoin ETFs recorded a combined $6.9 billion of net outflows in May and June. While flows have recovered in July, including a six-day streak of inflows, the rebound remains modest relative to the withdrawals seen during the broader market downturn.
Uphold stressed that it is not closing its U.K. operations or any of its international offices, adding that all locations remain fully staffed and operational.
The firm’s enterprise platform enables banks, fintechs and broker-dealers to integrate digital asset services for their own customers, an area the company said is seeing rapid growth.
The momentum in that business, combined with weaker retail demand, made the restructuring necessary as it shifts personnel and investment toward enterprise products. Further growth announcements are expected in the coming months, the company said.
The firm remains bullish on the long-term outlook for the retail market. “In 2026, we’re expanding our popular consumer app into a multi-asset, blockchain-enabled financial companion,” McLoughlin said. “By year end, the app will offer US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets and enhanced DeFi yield opportunities on assets including XRP,” he added.