Uphold Reduces Workforce by 17% Amid Shift to Enterprise Focus

Uphold, a digital asset trading platform, announced a reduction of approximately 17% of its global workforce, impacting 85 employees, including both permanent staff and contractors. This decision is part of a strategic pivot toward consolidating its resources for its rapidly expanding enterprise business, as retail crypto trading has seen a notable slowdown.

The company, founded in 2015 and based in New York City, reassured stakeholders that it will continue to operate without closing any offices or reducing service to its U.K., European, or corporate clients. CEO Simon McLoughlin emphasized the need to recalibrate following several years of significant growth, where the company nearly doubled its workforce. He stated, "Despite the current slowdown in crypto trading activity, we’ve never been more confident in the prospects for digital assets and blockchain technology."

This workforce reduction aligns with broader trends in the cryptocurrency market. The sustained decline in trading volumes, particularly in the retail segment, has pressured firms to re-evaluate their operational focus. According to market reports, the total market capitalization of cryptocurrencies dipped to about $2.1 trillion at the end of the second quarter of 2026. Rising interest rates, geopolitical instability, and substantial outflows from cryptocurrency exchange-traded funds (ETFs) have also contributed to this downturn.

Uphold noted that the drive to enhance its enterprise offerings, which allow banks, fintech companies, and brokers to provide integrated crypto services, remains strong. McLoughlin mentioned that despite the challenges, the enterprise platform is experiencing accelerated growth, prompting the need for this restructuring.

The company plans to introduce further enhancements to its consumer app by the end of 2026, transforming it into a multi-asset financial companion. This app will expand features to include U.S. stocks, tokenized securities, and opportunities within decentralized finance (DeFi), alongside services such as asset-backed lending and credit cards. McLoughlin expressed optimism about the long-term prospects for the retail market, highlighting a broader vision for Uphold’s evolution in the crypto space.

Overall, Uphold’s decision reflects a strategic response to a rapidly evolving market landscape while aiming to leverage the growing demand from institutional clients amidst challenging retail conditions.