Cryptocurrency trading platform Uphold has laid off 17 per cent of its global workforce as the company shifts its focus towards expanding its enterprise business. The restructuring has affected 85 employees, including both permanent staff and contractors.
In a statement, the New York City-based company said the decision is part of a broader strategy to invest more heavily in services for institutional clients. The move also comes as retail cryptocurrency trading activity has slowed amid continued weakness in the digital asset market.
Founded in 2015, Uphold operates a multi-asset trading platform that allows users to buy, sell and hold cryptocurrencies such as Bitcoin. The platform also supports trading in fiat currencies, stocks and precious metals through a single account.
Over the past few years, the company has diversified its business by developing infrastructure that enables banks, financial-technology firms and brokerage platforms to integrate cryptocurrency trading into their own offerings. Uphold said it plans to allocate more resources to this fast-growing enterprise segment.
The layoffs come against the backdrop of an extended slowdown in the cryptocurrency industry, often referred to as a “crypto winter”. Weak investor sentiment and lower trading volumes have weighed on several digital-asset businesses, prompting companies across the sector to reassess costs and business priorities.
Despite the workforce reduction, Uphold said it is not shutting down any of its international operations. The company clarified that its UK business and all other global offices will continue to operate as usual.
Uphold remains a privately held company and is not listed on any public stock exchange. The latest restructuring reflects a wider trend among cryptocurrency firms seeking to strengthen long-term growth by focusing on enterprise services while navigating a challenging market environment.
