Uphold cuts 17% of staff, shifts focus to enterprise services

The company has been building infrastructure that lets banks, fintech companies, and broker dealers offer crypto trading and custody services directly to their customers. That enterprise segment has continued to grow, prompting the shift in personnel and investment, Uphold said.

Founded in 2015, the New York based platform lets retail and institutional clients trade cryptocurrencies, fiat currencies, equities, and precious metals through a single account.

Uphold also plans to expand its consumer app during 2026 with US stocks, tokenized securities, asset backed lending, credit cards, prediction markets, and additional decentralized finance yield products, including services linked to XRP. The company expects to announce further expansion plans in the coming months.

Trading volumes and retail participation have weakened across the digital asset market. Total crypto market capitalization fell to about $2.1 trillion at the end of the second quarter after three consecutive quarterly declines.