Uphold said on July 27, 2026, that it cut roughly 17% of its global workforce, about 85 staff and contractors, as the crypto trading platform reallocates resources toward its fast-growing enterprise business.
Key Takeaways
- Uphold cut about 17% of its global workforce, 85 permanent staff and contractors across multiple regions.
- CEO Simon McLoughlin said the company is recalibrating after years of growth that nearly doubled its headcount.
- Retail crypto trading softened during the downturn, pushing Uphold to shift staff and investment toward enterprise clients.
- Total cryptocurrency market capitalization fell to about $2.1 trillion at the end of the second quarter after three straight quarterly declines.
- Uphold said it is not closing its U.K. operations or any international offices, and all locations stay fully staffed.
What Happened?
The layoffs hit employees across multiple regions and included both permanent staff and contractors. The cuts were driven by a strategic decision to double down on enterprise services as retail crypto trading activity softened during the recent market downturn.
CEO Simon McLoughlin said in emailed comments:
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.
Why Uphold Is Betting on Enterprise?
Founded in 2015, the New York City-based firm 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 company said that enterprise platform is seeing rapid growth, and that the momentum, 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. Selling crypto rails to institutions produces steadier, contract based revenue than retail trading fees, which rise and fall with market sentiment.
Uphold remains bullish on the retail market over the long term. “In 2026, we’re expanding our popular consumer app into a multi-asset, blockchain-enabled financial companion,” McLoughlin said, adding that 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.
A Crypto Market Still in Retreat
The cuts come as the industry grapples with a prolonged downturn, and after three consecutive quarters of declines the total cryptocurrency market capitalization fell to around $2.1 trillion at the end of the second quarter. Trading volumes weakened and retail participation slowed amid higher interest rates, geopolitical uncertainty and persistent outflows from crypto exchange-traded funds.
U.S. spot bitcoin ETFs recorded a combined $6.9 billion of net outflows in May and June. Flows have recovered in July, including a six-day streak of inflows, though the rebound remains modest relative to the withdrawals seen during the broader downturn. Thinner retail volumes squeeze the transaction fees consumer platforms depend on, which is the pressure Uphold is now routing around.
CoinLaw’s Takeaway
The layoffs read less as a distress signal than as a wager on which customer pays more reliably. Moving 85 roles and their budget toward banks, fintechs and broker-dealers trades the swings of retail trading fees for recurring institutional revenue. That shift matters most in a soft quarter, when a consumer heavy revenue mix earns the least.
What stands out is the timing against Uphold’s own product roadmap. The company is cutting headcount while promising a far broader consumer app by year end, from tokenized securities to credit cards, a plan that will need engineering and compliance depth to deliver. Whether the enterprise pivot funds that expansion or competes with it for resources is the open question, and the further growth announcements the company has flagged are where the answer will show.
