Digital asset trading platform Uphold has laid off 17% of its global workforce, impacting 85 employees. The company is reallocating resources to its growing enterprise business, citing weaker retail crypto trading activity.
The layoffs at Uphold reflect the ongoing challenges within the retail cryptocurrency market and highlight a strategic pivot by digital asset platforms towards more stable, institutional-focused services.
Digital asset trading platform Uphold has reduced its global workforce by 17%, impacting approximately 85 employees, as it strategically reallocates resources toward its expanding enterprise business. The company cited a significant slowdown in retail cryptocurrency trading activity, exacerbated by the prolonged market downturn, as a key driver for the restructuring.
CEO Simon McLoughlin stated that the move is a recalibration after several years of rapid growth, during which the company nearly doubled its headcount. Despite the current market conditions, McLoughlin expressed continued confidence in the future of digital assets and blockchain technology. Uphold emphasized that no offices are being closed and that services for U.K., European, and enterprise customers will continue as normal.
The broader crypto industry has been grappling with a prolonged downturn, with the total cryptocurrency market capitalization falling to around $2.1 trillion by the end of the second quarter. Trading volumes have weakened, and retail participation has slowed due to factors including higher interest rates and geopolitical uncertainty. U.S. spot bitcoin ETFs experienced net outflows totaling $6.9 billion in May and June, although some recovery was noted in July.
Uphold's enterprise platform, which enables banks, fintechs, and broker-dealers to integrate digital asset services, is experiencing rapid growth. This momentum, coupled with weaker retail demand, necessitated the shift in personnel and investment toward these enterprise products. The company anticipates further growth announcements in the coming months.
Looking ahead, Uphold plans to enhance its consumer app in 2026, transforming it into a multi-asset, blockchain-enabled financial companion. Planned features include U.S. stocks, tokenized securities, asset-backed lending, credit cards, prediction markets, and expanded DeFi yield opportunities on assets like XRP.