Uphold Workforce Cuts Signal Enterprise Focus Amid Crypto Downturn

Crypto trading platform Uphold announced a 17% reduction in its global workforce, affecting 85 employees, including permanent staff and contractors. The move reflects a strategic shift toward enterprise services amid declining retail crypto trading activity. CEO Simon McLoughlin emphasized confidence in digital assets and blockchain technology, stating, 'We’ve never been more confident in the prospects for digital assets and blockchain technology.' Uphold plans to expand its consumer app into a multi-asset platform by 2026. Binance maintained its leadership with ~55% of user funds, while the broader crypto market saw net outflows.

The restructuring underscores Uphold’s pivot toward enterprise solutions, positioning it for long-term growth amid retail market challenges.