Uphold Cuts 17% Of Workforce Amid Strategic Shift to Enterprise Services
Privately held crypto trading platform Uphold has announced layoffs affecting approximately 85 employees, representing a reduction of 17% in its global workforce. The cuts are part of the company's strategic realignment toward expanding its enterprise services as retail cryptocurrency demand wanes amid ongoing market downturns. Uphold is focusing on providing infrastructure for banks and fintech firms to integrate crypto trading into their offerings, shifting away from a reliance on individual traders who have been impacted by reduced activity. The move comes during what's referred to in the industry as 'crypto winter,' marked by prolonged bearish trends and significant outflows from U.S. spot Bitcoin ETFs. Despite these cuts, Uphold emphasized that it is not closing any of its international offices or operations, including those based in Britain. As a private company, Uphold's financial decisions do not directly affect public markets but may signal broader industry adjustments to challenging economic conditions.