Digital asset trading platform Uphold cuts 17% of global headcount as crypto winter bites

Finance Digital asset trading platform Uphold cuts 17% of global headcount as crypto winter bites The crypto trading platform said the layoffs reflect a strategic shift toward its fast-growing enterprise business. By Will Canny | Edited by Sheldon Reback Jul 27, 2026, 4:47 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Digital asset trading platform Uphold cuts 17% of global headcount as crypto winter bites. (Pixabay) Summary Show Uphold has cut 17% of its global workforce as it shifts resources toward its rapidly growing enterprise business. The company said it is not closing any offices and will continue serving U.K., European and enterprise customers as normal. Weaker retail crypto activity accelerated the move, while demand from banks, fintechs and broker-dealers continues to grow. Crypto trading platform Uphold said it cut roughly 17% of its global workforce as it reallocates resources toward its fast-growing enterprise business. Eight five people in total were affected by the cuts, and this included permanent staff and contractors. The layoffs, which hit employees across multiple regions, were driven by a strategic decision to double down on enterprise services as retail crypto trading activity softened during the recent market downturn. “We’re recalibrating after several years of extraordinary growth, during which we nearly doubled our headcount, CEO Simon McLoughlin said in emailed comments. “Despite the current slowdown in crypto trading activity, we’ve never been more confident in the prospects for digital assets and blockchain technology.” Founded in 2015, the New York City-based firm is a digital asset trading platform that lets retail and institutional customers buy, sell and hold cryptocurrencies, fiat currencies, equities and precious metals through a single account. In recent years, it has expanded beyond its consumer trading app, building enterprise infrastructure that enables banks, fintechs and broker-dealers to integrate crypto trading and custody services into their own products. The cuts come as the crypto industry grapples with a prolonged downturn. After three consecutive quarters of declines, the total cryptocurrency market capitalization fell to around $2.1 trillion at the end of the second quarter, while trading volumes weakened and retail participation slowed amid higher interest rates, geopolitical uncertainty and persistent outflows from crypto exchange-traded fund (ETF). U.S. spot bitcoin ETFs recorded a combined $6.9 billion of net outflows in May and June. While flows have recovered in July, including a six-day streak of inflows, the rebound remains modest relative to the withdrawals seen during the broader market downturn. Uphold stressed that it is not closing its U.K. operations or any of its international offices, adding that all locations remain fully staffed and operational. The firm’s enterprise platform enables banks, fintechs and broker-dealers to integrate digital asset services for their own customers, an area the company said is seeing rapid growth. The momentum in that business, combined with weaker retail demand, made the restructuring necessary as it shifts personnel and investment toward enterprise products. Further growth announcements are expected in the coming months, the company said. The firm remains bullish on the long-term outlook for the retail market. “In 2026, we’re expanding our popular consumer app into a multi-asset, blockchain-enabled financial companion,” McLoughlin said. “By year end, the app will offer US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets and enhanced DeFi yield opportunities on assets including XRP,” he added. Exclusive Crypto Trading Uphold Job cuts Latest Crypto News 1 Crypto’s favorite $90 trillion trading product is coming to Wall Street, but big banks are taking it slow 2 hours ago 2 What are perps, anyway? Everything you need to know about crypto’s hottest trading instrument 5 hours ago 3 Fanatics buys regulated exchange in bid to grow prediction markets business 5 hours ago 4 Cantor is advising crypto bank AMINA on path to potential public listing 5 hours ago 5 Lido begins moving $16.5 billion in staked ether to cut validator count by a third 6 hours ago 6 Thailand's SEC alleges Bitkub concealed cyberattack that led to $50 million hack 6 hours ago 7 Nvidia forms 37-member AI security alliance without OpenAI, Anthropic or Google 6 hours ago 8 Securitize builds Wall Street credentials with SEC adviser license as tokenization expands 7 hours ago 9 Crypto is rewriting how Wall Street traders spend their weekends 7 hours ago 10 Bitmine buys more ether as Tom Lee says rising ETH/BTC ratio points to stronger crypto prices 7 hours ago Latest Research Crypto Flows, Share and the Selective Rotation Crypto Flows, Share and the Selective Rotation Markets repositioned since June, but Binance held share (~55% us