Uphold Axes 85 Jobs, Pivots to Enterprise Crypto Infrastructure

Uphold, a New York-based digital asset platform, has shed 17% of its global workforce, letting go of 85 people, including permanent staff and contractors. This move comes as the company pivots towards enterprise clients and away from retail trading, which it believes has stalled out.

The layoffs were not confined to any particular geography, with offices in the UK and elsewhere remaining operational. Instead, Uphold is doubling down on its enterprise platform, which allows banks, fintechs, and broker-dealers to integrate crypto trading and custody services into their own products.

Enterprise deals are seen as more predictable and revenue-rich compared to retail users. The company was founded in 2015 and has built out infrastructure for both retail and institutional customers. It's now leaning into the institutional side with serious intent.