Uphold cuts 17% of global workforce amid enterprise pivot

Crypto trading platform Uphold has cut 17% of its global workforce, affecting 85 employees, as it pivots toward its growing enterprise business. The move comes amid a broader crypto market downturn, with slowing retail activity and significant ETF outflows. Uphold is reallocating resources to services for banks and fintechs while also planning a major expansion of its consumer app in 2026.

Uphold workforce reduction

• ▪The workforce reduction at Uphold affected 85 people, including permanent staff and contractors.
• ▪The layoffs impacted employees across multiple regions, but Uphold is not closing any of its international offices.
• ▪Crypto trading platform Uphold cut 17% of its global workforce.

Enterprise business pivot

• ▪Uphold is reallocating resources and shifting personnel toward its fast-growing enterprise business.
• ▪Uphold's enterprise platform enables banks, fintechs, and broker-dealers to integrate crypto trading and custody services.
• ▪The restructuring was driven by a strategic decision to focus on enterprise services amid growing demand from institutional clients.

Crypto market downturn

• ▪The layoffs were accelerated by softened retail crypto trading activity during a prolonged market downturn.
• ▪U.S. spot bitcoin ETFs recorded combined net outflows of $6.9 billion in May and June 2026.
• ▪The total cryptocurrency market capitalization fell to around $2.1 trillion at the end of the second quarter of 2026 after three consecutive quarters of declines.

Consumer app expansion

• ▪By the end of 2026, the expanded Uphold app will offer US stocks, tokenized securities, asset-backed lending, credit cards, and prediction markets.
• ▪The expanded app will also feature enhanced DeFi yield opportunities on assets including XRP.
• ▪In 2026, Uphold plans to expand its consumer app into a multi-asset, blockchain-enabled financial platform.

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