Uphold Shifts Focus: 17% Staff Cut as Crypto Retail Slows

Uphold, a New York‑based crypto exchange, has announced that it will cut its global staff by about 17%, affecting roughly 85 people across full‑time employees and contractors. The move follows a period of rapid growth where the company nearly doubled its workforce, but recent market softness has prompted a strategic pivot toward enterprise services.

Recalibration of Focus

• CEO’s Message: The layoffs are part of a “recalibration” after years of expansion.
• Retail Trading: While retail crypto trading has cooled, Uphold remains optimistic about digital assets and blockchain technology overall.
• Enterprise Platform: The firm’s enterprise offering lets banks, fintechs, and broker‑dealers embed crypto trading and custody into their own products—a segment expanding faster than consumer demand.

Market Context

• Three Straight Quarters of Struggle: Total market value fell to about $2.1 trillion by mid‑year.
• Trading Volumes: Dipped as interest rates rose, geopolitical tensions grew, and investors pulled money from crypto ETFs.
• U.S. Spot Bitcoin Funds: Lost $6.9 billion in net outflows in May and June; July saw a modest rebound.

Operational Continuity

• Global Presence: Uphold will keep all its U.K. and international offices open and fully staffed.
• Future Investments: The company plans to continue investing in enterprise products while preparing for future growth announcements.

Upcoming Consumer App Expansion

• Timeline: Broaden the consumer app by the end of 2026.
• New Features:
• U.S. stocks
• Tokenized securities
• Asset‑backed lending
• Credit cards
• Prediction markets
• Enhanced DeFi yields on assets such as XRP

Uphold believes this expansion will strengthen its long‑term position in the retail market.