Uphold Cuts 17% of Workforce Amid Crypto Market Downturn

Uphold, a digital asset trading platform based in New York City, has laid off around 17% of its global workforce. This means about 85 people have been affected, including both permanent employees and contractors across various regions.

The company cited slowing retail crypto trading as the main reason for this strategic realignment. The total cryptocurrency market cap dropped to $2.1 trillion at the end of Q2 2026 after three consecutive quarters of declines. Higher interest rates, geopolitical uncertainty, and outflows from crypto ETFs all contributed to this downturn.

Uphold plans to focus more on its enterprise business, which connects banks, fintechs, and broker-dealers to crypto trading and custody services. The company has nearly doubled its headcount in recent years of strong growth, but now sees a need to 'recalibrate' after this prolonged weakness.