Uphold has slashed 85 positions, about 17% of its global team, signaling a shift in focus from retail customers to institutional clients. The decision reflects a broader pullback in retail crypto activity that has forced many platforms to rethink their strategies.
Reshaping for institutional growth
The New York-based crypto trading platform, founded in 2015, offers a unified account for trading cryptocurrencies, fiat, equities, and precious metals. During the last market upswing, Uphold nearly doubled its workforce to meet rising demand. However, with retail engagement weakening, the company is now redirecting resources to expand services aimed at banks, fintech firms, and broker dealers.
The layoffs affect both permanent staff and contractors across multiple regions but do not impact the company’s UK or other international offices, which remain operational and staffed.
Uphold’s pivot comes as the total crypto market capitalization dropped to roughly $2.1 trillion by the end of Q2 after three quarters of decline. Retail trading volumes have also softened amid high interest rates, geopolitical tensions, and persistent outflows from crypto exchange-traded funds.
Despite the cuts, Uphold remains optimistic about blockchain’s future. The firm plans to grow its consumer app throughout 2026 by adding US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets, and new decentralized finance yield options linked to XRP. The company also expects to unveil further enterprise platform expansions soon.
