Overview
- Uphold implemented a workforce reduction that affected about 85 roles, roughly 17% of its global staff, the company announced on Monday.
- Leadership said the cuts free up people and budget to grow its enterprise unit, which supplies trading, custody and white‑label API services to banks, fintechs and broker‑dealers.
- Uphold stressed no international offices will close and that it will continue developing its consumer app with planned features such as U.S. stocks, tokenized securities, asset‑backed lending, credit cards, prediction markets and DeFi yield options.
- Company and market reports tie the restructuring to weaker retail activity during a market downturn that left total crypto market value near $2.1 trillion and saw U.S. spot Bitcoin ETFs record about $6.9 billion of net outflows in May and June.
- The cuts hit both permanent employees and contractors across regions and may speed Uphold’s shift toward selling infrastructure to traditional finance clients, with the firm saying more enterprise announcements are expected in the coming months.