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Uphold cuts 17% of global staff as it shifts toward enterprise

The New York-based crypto trading platform said it is reallocating resources due to weaker retail activity, while enterprise demand from banks and broker-dealers remains intact.

Reported · Written up by our desk · Market Structure

CoinDesk reports that digital asset trading platform Uphold has cut about 17% of its global workforce, affecting 85 people, as it reallocates resources toward its enterprise business.

The company said it is not closing any offices and will continue serving U.K., European and enterprise customers as normal. It attributed the move to a strategic decision to double down on enterprise services after retail crypto trading activity softened during the recent downturn.

Uphold said weaker retail activity accelerated the shift, even as demand continues from banks, fintechs and broker-dealers looking to integrate crypto trading and custody into their own offerings.

The layoffs arrive as the broader crypto market remains in a prolonged downturn, with total crypto market capitalization reported at around $2.1 trillion at the end of the second quarter and U.S. spot bitcoin ETFs recording $6.9 billion in net outflows in May and June, according to CoinDesk.

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