Uphold Cuts 17% of Global Workforce Amid Crypto Market Downturn

Crypto trading platform Uphold has cut about 17% of its global workforce as it adjusts to weaker retail crypto activity and focuses on its expanding enterprise business.

The restructuring affected 85 employees and contractors across several regions, according to CoinDesk. This move follows a prolonged downturn in the digital asset market, with total crypto market capitalization falling to about $2.1 trillion at the end of the second quarter after three consecutive quarterly declines.

Uphold nearly doubled its workforce during the previous market expansion and is now redirecting resources toward services for banks, fintech companies, and broker dealers. The company remains confident in the long-term outlook for digital assets and blockchain technology.