Uphold Cuts Staff Amid Shift to Bank-Facing Business

Uphold has cut its workforce by 17%, letting go of about 85 employees and contractors, as it shifts focus to its enterprise business.

The company, which operates a multi-asset platform covering cryptocurrencies, fiat currencies, and precious metals, plans to redirect investment toward its bank-facing business.

CEO Simon McLoughlin said the decision is part of 'recalibrating after several years of extraordinary growth,' with the enterprise business now growing fast enough to justify shifting people and budget toward it.

The company still aims to expand its consumer app, adding US stocks, tokenized securities, asset-backed lending, and prediction markets before the end of 2026.