Crypto platform Uphold cut 85 employees (17% of staff) to focus on enterprise as retail demand softened. CEO McLoughlin said the app will add stocks and tokenized securities in 2026.
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Uphold cut roughly 17% of its global workforce, or 85 people. The crypto trading platform is shifting resources toward its enterprise business and away from a slowing retail market, the company said.
The layoffs affected permanent employees and contractors across multiple regions, the New York City-based firm said. The moves are part of a strategic decision to double down on enterprise services after several years of rapid headcount growth.
"We're recalibrating after several years of extraordinary growth, during which we nearly doubled our headcount," CEO Simon McLoughlin said in emailed comments. "Despite the current slowdown in crypto trading activity, we've never been more confident in the prospects for digital assets and blockchain technology."
Founded in 2015, Uphold operates a digital asset platform that lets retail and institutional customers trade cryptocurrencies, fiat currencies, equities, and precious metals through a single account. In recent years, it has expanded beyond its consumer app, building infrastructure that enables banks and fintechs to integrate crypto trading and custody services. Broker-dealers are also part of that offering.
The broader crypto market has been in a downturn, as detailed in our crypto market analysis. Total market capitalization fell to about $2.1 trillion at the end of the second quarter, according to industry data. Trading volumes weakened and retail participation slowed, weighed by higher interest rates and geopolitical uncertainty. Persistent outflows from spot Bitcoin ETFs also dragged on sentiment. U.S. spot bitcoin ETFs recorded a combined $6.9 billion of net outflows in May and June, according to market data. Flows have recovered in July, including a six-day streak of inflows. The rebound remains modest relative to the earlier withdrawals.
Uphold stressed that it is not closing its U.K. operations or any of its international offices. All locations remain fully staffed, the company said. The enterprise platform, which lets financial institutions offer digital asset services to their own customers, is seeing rapid growth, the company said. That momentum, combined with weaker retail demand, made the restructuring necessary. The company is shifting personnel and investment toward enterprise products. Further growth announcements are expected in the coming months.
The firm remains bullish on the long-term outlook for the retail market. "In 2026, we're expanding our popular consumer app into a multi-asset, blockchain-enabled financial companion," McLoughlin said. "By year end, the app will offer US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets and enhanced DeFi yield opportunities on assets including XRP."
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