Digital asset trading platform Uphold cuts 17% of global headcount as crypto winter bites
CoinDesk 2026-07-27 16:47:06
Context: Uphold, a digital asset trading platform based in New York City, has cut 17% of its global workforce as it shifts resources toward its rapidly growing enterprise business. The layoffs, which affected 85 people, including permanent staff and contractors, were driven by a strategic decision to double down on enterprise services as retail crypto trading activity softened during the recent market downturn. Despite the current slowdown in crypto trading activity, the company remains confident in the prospects for digital assets and blockchain technology.
Key Facts
- Uphold cut 17% of its global workforce, affecting 85 people, including permanent staff and contractors, as it reallocates resources toward its fast-growing enterprise business.
- The layoffs were driven by a strategic decision to double down on enterprise services as retail crypto trading activity softened during the recent market downturn, with weaker retail crypto activity accelerating the move.
- Uphold's enterprise platform enables banks, fintechs, and broker-dealers to integrate digital asset services for their own customers, an area the company said is seeing rapid growth.
- The company's CEO, Simon McLoughlin, stated that despite the current slowdown in crypto trading activity, Uphold has never been more confident in the prospects for digital assets and blockchain technology.
- Uphold's consumer app is set to expand into a multi-asset, blockchain-enabled financial companion by the end of 2026, offering US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets, and enhanced DeFi yield opportunities on assets including XRP.