Uphold Cuts 17% of Global Workforce Amid Crypto Market Downturn

Uphold, a New York City-based digital asset trading platform, has cut about 17% of its global workforce as part of a strategic decision to double down on enterprise services. The company said it laid off around 85 employees, including permanent staff and contractors, across multiple regions.

The layoffs were driven by the recent market downturn, which has led to softer retail crypto trading activity. Despite this, Uphold's CEO Simon McLoughlin remains bullish on the long-term outlook for digital assets and blockchain technology.

Uphold has been expanding its enterprise infrastructure, enabling banks, fintechs, and broker-dealers to integrate crypto trading and custody services into their own products. The company said it is seeing rapid growth in this area, which made the restructuring necessary as it shifts personnel and investment toward enterprise products.