Uphold Cuts 17% of Staff in Enterprise Shift

What to Know

Uphold has cut 17% of its global workforce as it reallocates resources toward enterprise digital asset services.
Eighty five people were affected, including permanent staff and contractors.
The company said it is not closing its U.K. operations or any international offices.
Retail crypto trading activity has softened during the recent market downturn.
Demand from banks, fintechs and broker-dealers for crypto trading and custody infrastructure continues to grow.
Uphold says it remains confident in the long-term prospects for digital assets and blockchain technology.
The company plans to expand its consumer app in 2026 into a broader multi-asset, blockchain-enabled financial companion.
Planned app features include US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets and enhanced DeFi yield opportunities on assets including XRP.

Uphold Restructures as Retail Crypto Activity Weakens

Uphold has reduced its global workforce by 17% in a restructuring aimed at shifting more resources into its enterprise business, marking another sign of how digital asset companies are adapting to a slower retail trading environment. The crypto trading platform said eighty five people were affected by the cuts, with the total including both permanent employees and contractors across multiple regions.

The company framed the move as a recalibration after a period of rapid expansion. Chief Executive Officer Simon McLoughlin said Uphold had nearly doubled its headcount during several years of extraordinary growth and is now adjusting its operating structure as crypto trading activity slows. While the decision comes against a more difficult market backdrop, the company said it remains confident in the long-term prospects for digital assets and blockchain technology.

The restructuring does not involve office closures. Uphold said its U.K. operations and international locations remain open, fully staffed and operational. The company also said it will continue serving U.K., European and enterprise customers as normal, a message intended to reassure users and partners that the workforce reduction is not a withdrawal from major markets.

Enterprise Business Becomes a Bigger Priority

The central driver behind the cuts is Uphold’s push toward enterprise services. The company has increasingly focused on infrastructure that allows banks, fintechs and broker-dealers to integrate crypto trading and custody services into their own products. That business is seeing rapid growth, according to the company, even as consumer trading activity has cooled.

For crypto platforms, enterprise infrastructure can offer a different growth profile from retail trading apps. Retail activity often rises and falls with market sentiment, token prices and speculative demand. Enterprise services, by contrast, may be tied to longer-term institutional adoption, product integrations and the need for regulated financial firms to offer digital asset access without building every component internally.

Uphold’s repositioning reflects a broader industry pattern in which crypto companies are trying to balance near-term market pressure with the view that digital assets may become more embedded in financial services over time. Banks, fintechs and broker-dealers that want to provide crypto access to their customers often need trading, custody, compliance and settlement tools. Platforms that can supply those services may benefit if institutional demand continues to develop, even when retail participation is uneven.

Company Says Offices Remain Operational

Uphold stressed that the restructuring should not be interpreted as a retreat from its international footprint. The company said it is not closing its U.K. operations or any of its international offices. It also emphasized that all locations remain fully staffed and operational, and that customer service for U.K., European and enterprise clients will continue as normal.

That clarification is significant because layoffs at crypto companies can sometimes raise questions about market exits, service continuity or balance-sheet stress. In Uphold’s case, the company is presenting the workforce reduction as a strategic reallocation rather than a shutdown or a pullback from specific jurisdictions. The company said momentum in its enterprise business, combined with weaker retail demand, made the restructuring necessary as it moves personnel and investment toward enterprise products.

Further growth announcements are expected in the coming months, the company said. While details were not provided, the statement suggests Uphold plans to keep building around enterprise digital asset infrastructure even after reducing headcount in other parts of the organization.

Crypto Downturn Pressures Trading Platforms

The layoffs come as the crypto industry continues to deal with a prolonged downturn in market activity. After three consecutive quarters of declines, total cryptocurrency market capitalization fell to around $2.1 trillion at the end of the second quarter. Trading volumes weakened, retail participation slowed and the broader digital asset market faced pressure from higher interest rates, geopolitical uncertainty and persistent outflows from crypto exchange-traded funds.

U.S. spot bitcoin exchange-traded funds recorded a combined $6.9 billion of net outflows in May and June. Flows recovered in July, including a six-day streak of inflows, but the rebound remained modest compared with the withdrawals seen during the broader market downturn. For trading platforms, those shifts matter because lower volumes can weigh on transaction-driven revenue and reduce the urgency for retail users to engage with crypto apps.

Retail crypto activity has historically been highly cyclical. During strong market phases, rising prices and broader media attention can bring new users into trading platforms. During downturns, volumes can decline as investors become more cautious, speculative activity fades and risk appetite weakens. Uphold’s latest restructuring shows how even established platforms are adjusting cost structures and business priorities in response to that cycle.

Uphold’s Business Model Spans Multiple Asset Classes

Founded in 2015, Uphold is a New York City-based digital asset trading platform that serves both retail and institutional customers. Its platform lets users buy, sell and hold cryptocurrencies, fiat currencies, equities and precious metals through a single account. That multi-asset model has helped differentiate the company from platforms focused only on crypto trading.

In recent years, Uphold has expanded beyond its consumer trading app and built enterprise infrastructure for financial firms. That expansion is now becoming a larger part of the company’s strategy. Rather than relying primarily on consumer trading demand, Uphold is looking to support other companies that want to offer digital asset products to their own customers.

The enterprise pivot also reflects how the crypto sector has matured. In earlier market cycles, many platforms focused on rapid retail user acquisition and high-volume trading. More recently, attention has shifted toward custody, tokenization, compliance, institutional access and embedded crypto services. Uphold’s restructuring fits into that transition, with the company choosing to prioritize business lines it sees as better positioned for future growth.

Consumer App Expansion Still on the Roadmap

Despite the workforce reduction and sharper enterprise focus, Uphold said it remains bullish on the long-term outlook for the retail market. McLoughlin said that in 2026 the company plans to expand its consumer app into a multi-asset, blockchain-enabled financial companion. The statement indicates that Uphold is not abandoning retail users, even as it reallocates resources in the near term.

By year end, the app is expected to offer US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets and enhanced DeFi yield opportunities on assets including XRP, according to McLoughlin. Those planned features point to a broader product strategy that blends traditional financial services with blockchain-based tools.

The planned consumer expansion also suggests Uphold sees the future retail opportunity as broader than simple spot crypto trading. A multi-asset app with blockchain-enabled features could appeal to users seeking a wider financial platform, while still giving the company exposure to digital asset adoption. However, the timing and success of that expansion will likely depend on market conditions, regulatory developments and user demand.

What the Restructuring Signals for Crypto Firms

Uphold’s staff reduction highlights a key challenge for crypto businesses: how to stay positioned for long-term adoption while managing costs during periods of weaker activity. The company is trying to preserve its international operations, maintain customer service and invest in enterprise growth while reducing headcount after years of expansion.

For market participants, the move underscores the uneven nature of the current crypto environment. Institutional and enterprise interest in digital asset infrastructure appears to be growing, while retail trading activity remains softer than during stronger market phases. That split is shaping strategic decisions across the industry, especially for platforms that serve both consumer and institutional customers.

Uphold’s leadership has presented the restructuring as a strategic pivot rather than a retreat from digital assets. The company’s message is that the downturn has accelerated a shift already underway: more focus on enterprise infrastructure, continued support for existing customers and a longer-term plan to broaden the consumer app when market and product conditions allow.

Frequently Asked Questions (FAQs)

How much of Uphold’s workforce was cut?

Uphold cut 17% of its global workforce. The reduction affected eighty five people in total, including permanent staff and contractors.

Why did Uphold make the cuts?

The company said the layoffs reflect a strategic shift toward its fast-growing enterprise business. Weaker retail crypto trading activity also accelerated the decision to reallocate resources.

Is Uphold closing any offices?

No. Uphold said it is not closing its U.K. operations or any international offices, and that all locations remain fully staffed and operational.

Will customers still be served as normal?

Yes. Uphold said it will continue serving U.K., European and enterprise customers as normal despite the workforce reduction.

What is Uphold’s enterprise business?

Uphold’s enterprise platform helps banks, fintechs and broker-dealers integrate crypto trading and custody services into their own products for customers.

How has the broader crypto market affected Uphold?

The crypto market has faced a prolonged downturn, with weaker trading volumes, slower retail participation and pressure from higher interest rates, geopolitical uncertainty and outflows from crypto exchange-traded funds.

What happened to U.S. spot bitcoin ETF flows?

Does Uphold still plan to invest in retail products?

Yes. Uphold said it remains bullish on the retail market and plans to expand its consumer app in 2026 into a multi-asset, blockchain-enabled financial companion.

What new features does Uphold plan for its app?

Uphold said the app is expected to offer US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets and enhanced DeFi yield opportunities on assets including XRP by year end.

Photo by RDNE Stock project on Pexels

Uphold Cuts 17% of Global Workforce as Crypto Trading Slows