Uphold Cuts 17% of Workforce as Crypto Trading Platform Pivots to Enterprise

Crypto trading platform Uphold has laid off around 17% of its global workforce, affecting 85 people including staff and contractors, as the company shifts focus toward its expanding enterprise business.

Reason Behind the Layoffs

The New York based firm said the cuts stem from softer retail trading activity during the ongoing crypto market downturn, paired with rapid growth in its enterprise division. CEO Simon McLoughlin said the company is recalibrating after years of strong growth that nearly doubled its headcount, while remaining confident in the long-term future of digital assets.

Wider Market Struggles

The layoffs come as the total crypto market capitalization dropped to around $2.1 trillion by the end of the second quarter, following three straight quarters of decline. Trading volumes and retail participation have weakened amid higher interest rates and persistent outflows from crypto ETFs, though inflows showed some recovery in July.

Enterprise Growth Continues

Uphold’s enterprise platform helps banks and fintech firms integrate crypto services. The company said all international offices remain fully staffed, with further enterprise growth announcements expected soon. It also plans to expand its consumer app to include stocks, tokenized securities, and lending services by year end.