Uphold cuts 17% of global workforce as crypto winter weighs on business

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 permanent employees and contractors across multiple regions.

Uphold said the decision followed weaker retail crypto trading activity during the recent market downturn and growing demand for its enterprise infrastructure.

“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 based company allows retail and institutional customers to buy, sell, and hold cryptocurrencies, fiat currencies, equities, and precious metals through a single account.

Uphold has expanded beyond its consumer trading app in recent years, developing infrastructure that allows banks, fintech companies, and broker dealers to integrate crypto trading and custody services into their own products.

The layoffs come as the crypto industry faces an extended market downturn. Total crypto market capitalization fell to around $2.1 trillion at the end of the second quarter after three consecutive quarterly declines.

Trading volumes and retail participation also weakened amid higher interest rates, geopolitical uncertainty, and persistent outflows from crypto exchange traded funds.

US spot Bitcoin ETFs recorded a combined $6.9 billion in net outflows during May and June. Flows recovered in July with six consecutive days of inflows, though the rebound remained modest compared with the earlier withdrawals.

Uphold said it is not closing its UK operations or any other international offices. All locations remain staffed and operational.

The company said its enterprise platform is experiencing rapid growth, making the restructuring necessary as it redirects personnel and investment toward enterprise products.

Uphold expects to announce further growth developments in the coming months while continuing to expand its retail offering.

“In 2026, we’re expanding our popular consumer app into a multi asset, blockchain enabled financial companion,” McLoughlin said.

By the end of the year, Uphold plans to add US stocks, tokenized securities, asset backed lending, credit cards, prediction markets, and expanded decentralized finance yield products, including offerings linked to XRP.

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