Crypto trading platform Uphold said it is cutting 17% of its global workforce, affecting 85 employees across full-time and contract roles, as it redirects resources toward its enterprise services business. The company said the layoffs span multiple regions and come as retail crypto trading activity has weakened during the recent market slump. In response, Uphold is putting more emphasis on its enterprise platform, which allows banks, fintech firms, and brokerages to integrate digital asset services into their own products. Uphold described that segment as its fastest-growing area. The company also said it is not closing any offices and that service for the UK, Europe, and enterprise clients will continue as normal. At the same time, it still plans to expand its retail app by the end of 2026 to compete with Robinhood and Coinbase, with planned additions including U.S. stocks, tokenized securities, asset-backed lending, and prediction markets.
Crypto trading platform Uphold said it is cutting 17% of its global workforce, affecting 85 employees across full-time and contract positions, as the company shifts resources toward its faster-growing enterprise services business.
Retail activity weakens as enterprise becomes the focus
The layoffs span multiple regions. Uphold said retail crypto trading activity has softened during the recent market downturn, prompting the company to put more resources into enterprise services.
Its enterprise platform allows banks, fintech companies, and brokerages to integrate digital asset services into their own products. Uphold said this is currently its fastest-growing business line.
Cost structure reset, no office closures planned
The company said its headcount nearly doubled during the previous market expansion. It is now adjusting its cost structure to better match current trading conditions.
Uphold also said it will not close any offices, and that services in the UK, Europe, and for enterprise clients will continue without interruption.
Retail app expansion remains on the roadmap
Despite the layoffs, Uphold said it still plans to expand its retail app by the end of 2026 to compete with Robinhood and Coinbase. Planned additions include U.S. stocks, tokenized securities, asset-backed lending, and prediction markets.
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