Uphold, the New York-based digital asset trading platform, has laid off about 17% of its workforce, impacting 85 employees including permanent staff and contractors. This move marks a clear pivot from retail crypto trading toward expanding its enterprise business, which caters to banks, fintechs, and broker-dealers integrating crypto services.
The decision comes as retail crypto activity has slowed down sharply during the ongoing market slump. After several years of rapid growth, Uphold’s CEO Simon McLoughlin explained that the company is adjusting its focus to better align with current demand trends. Despite the layoffs, none of the company’s offices, including those in the UK and Europe, are closing, and all remain operational.
Since its launch in 2015, Uphold has allowed users to trade and hold cryptocurrencies, fiat currencies, equities, and precious metals through one platform. Recently, it has invested heavily in building enterprise-level infrastructure, which is now driving its growth more than retail trading.
The crypto market itself has been struggling, with total capitalization shrinking to around $2.1 trillion by the end of Q2 after three quarters of decline. This downturn has been fueled by rising interest rates, geopolitical tensions, and significant outflows from crypto ETFs. For example, US spot bitcoin ETFs saw net outflows of $6.9 billion in May and June, although July saw a slight recovery with inflows over six consecutive days.
Uphold remains confident in the future of digital assets and blockchain technology, even as retail trading slows. The company’s strategy shift reflects a broader industry trend where institutional and enterprise clients are becoming more important than individual retail traders. This adjustment could help Uphold weather the crypto winter and position itself for growth once market conditions improve.
