Uphold stated that it recently laid off approximately 17% of its global workforce, affecting 85 permanent and contract employees. This restructuring primarily occurred across multiple regions, reflecting the company's shift of resources towards its faster-growing enterprise businesses.

Business operations become the focus

The company states that demand for digital asset services from banks, fintech companies, and brokerage firms continues to grow. Uphold's enterprise platform helps these institutions access crypto trading and custody services and integrate them into their own products.

Retail transactions slowdown

In an email, Uphold CEO Simon McLoughlin stated that the company is reorganizing its workforce after years of rapid expansion. With the recent cooling of retail crypto trading, the company has decided to focus more on enterprise products.

Store and customer service remain unchanged.

Uphold emphasized that the layoffs will not result in the closure of any offices. The company stated that services to customers in the UK, Europe, and corporate clients will continue as normal, and offices worldwide will remain operational.

Industry Background

According to industry data cited by CoinDesk, the overall crypto market remains weak recently. Declining trading volumes, reduced retail participation, coupled with high interest rates and geopolitical uncertainties, are putting pressure on platform businesses.