Digital asset trading platform Uphold said on July 28 that it is cutting about 17% of its global workforce, affecting 85 full-time and contract employees, as it shifts resources toward its faster-growing enterprise services business.
CEO Simon McLoughlin said the company went through a period of rapid expansion over the past several years, with headcount nearly doubling. He described the layoffs as a strategic realignment. Even with crypto trading activity slowing, the company said it still sees long-term potential in digital assets and blockchain technology.
Company keeps building enterprise infrastructure
Uphold was founded in 2015 and is headquartered in New York. The platform offers trading in cryptocurrencies, fiat currencies, stocks and precious metals. In recent years, it has expanded its enterprise infrastructure business, helping banks, fintech companies and brokerages connect to crypto trading and custody services.
The company also said it has not shut down its UK business or any other overseas offices, and that regional operations remain normal.
Layoffs come during a weak crypto market
The staffing reduction comes as the broader crypto market remains under pressure. By the end of the second quarter of 2026, total global cryptocurrency market capitalization had fallen to about $2.1 trillion, while trading volumes declined and retail participation weakened under the weight of high interest rates, geopolitical uncertainty and outflows from crypto ETFs.
What Uphold plans next
Uphold said it plans to keep expanding its enterprise platform while adding U.S. stocks, tokenized securities, asset-backed loans, credit cards, prediction markets and DeFi yield features to its consumer app.
Market observers said the move reflects a broader shift across the crypto industry, away from dependence on retail trading revenue and toward institutional services, asset tokenization and competition in financial infrastructure.