Uphold cut 85 employees, 17% of its workforce, as it shifts focus from retail to enterprise crypto infrastructure. The company plans to add tokenized securities and stocks to its consumer app by year-end.
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Uphold laid off 85 employees, cutting 17% of its global workforce. The digital asset platform said the move affected both permanent staff and contractors across its offices in the U.S., U.K., and elsewhere. No offices are closing.
Chief Executive Simon McLoughlin said the retail market is in a deep slump. Total cryptocurrency market capitalization fell to about $2.1 trillion by the end of the second quarter. U.S. spot bitcoin ETFs saw net outflows of $6.9 billion in May and June alone, the company said.
Enterprise revenue is the new focus. Uphold's platform lets banks and fintechs offer crypto trading and custody without building their own infrastructure. McLoughlin said the company is betting on that side of the business to carry it through the retail downturn.
The consumer app is not dead. Uphold plans to add U.S. stocks and tokenized securities, with a target by year-end. The company did not say which teams absorbed the cuts or whether product development was affected.
Other crypto platforms have also cut staff in recent months as retail trading volumes dried up. The job market for crypto workers is tight, and Uphold did not disclose severance terms.
The success of the pivot depends on whether enterprise clients sign up. Regulatory complexity around tokenized securities could slow the consumer app rollout, the company expects to announce more enterprise partnerships in the coming months.
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