Uphold Announces 17% Layoffs Amidst Slowing Trading Activity Due to Market Downturn

On July 28, according to CoinDesk, digital asset trading platform Uphold announced it is cutting approximately 17% of its global workforce, affecting a total of 85 full-time employees and contractors. The company stated that this adjustment aims to further invest resources into its rapidly growing enterprise-level business in response to the slowdown in retail trading activity caused by the recent crypto market downturn. Uphold stated that it will not close its UK or other international offices, and all regional operations will continue to function normally. Currently, the company provides crypto trading and custody infrastructure for banks, fintech companies, and brokerages, and plans to upgrade its consumer-facing application by 2026 into a multi-asset blockchain financial platform supporting features such as US stocks, tokenized securities, asset-backed lending, credit cards, prediction markets, and DeFi yields.