TLDR
- Uphold laid off 85 people — about 17% of its global workforce — including full-time staff and contractors
- The cuts were driven by slowing retail crypto trading and a shift toward enterprise services
- The total crypto market cap fell to around $2.1 trillion at the end of Q2 after three straight quarters of declines
- U.S. spot Bitcoin ETFs saw $6.9 billion in net outflows in May and June
- Uphold plans to expand its consumer app with U.S. stocks, tokenized securities, and DeFi features by end of 2026
Uphold, the New York City-based digital asset trading platform, has cut roughly 17% of its global workforce. Around 85 people were affected, including both permanent employees and contractors across multiple regions.
🚨LAYOFF ALERT -🇺🇸
Uphold, a digital asset trading platform has cut 17% of its global workforce as part of a strategic realignment driven by prolonged weakness in retail crypto trading activity. pic.twitter.com/UXg4FwnMJr
— WhatLayoff 🚨 (@WhatLayoff) July 27, 2026
The company said the layoffs are part of a strategic shift toward its enterprise business, which connects banks, fintechs, and broker-dealers to crypto trading and custody services.
CEO Simon McLoughlin said the company had nearly doubled its headcount over recent years of strong growth. “We’re recalibrating after several years of extraordinary growth,” he said.
Crypto Market Slowdown Drives the Decision
Retail crypto trading has softened in recent months. The total cryptocurrency market cap dropped to around $2.1 trillion at the end of Q2 2026, following three consecutive quarters of declines.
Higher interest rates, geopolitical uncertainty, and outflows from crypto ETFs all weighed on activity. U.S. spot Bitcoin ETFs recorded $6.9 billion in combined net outflows during May and June.
Flows have recovered somewhat in July, with a six-day streak of inflows recorded. But the rebound remains modest compared to the earlier withdrawals.
Enterprise Business Sees Growth
While retail has slowed, Uphold says its enterprise platform is growing. The platform lets financial institutions integrate digital asset services for their own customers.
That growth made reallocating staff and resources toward enterprise products a practical move, the company said. Further announcements related to enterprise growth are expected in the coming months.
Uphold was founded in 2015 and lets users trade cryptocurrencies, fiat currencies, equities, and precious metals through a single account.
The company said no offices have been closed. All international locations, including its U.K. operation, remain open and fully staffed.
McLoughlin said Uphold still sees a strong future for retail. By the end of 2026, the consumer app is planned to include U.S. stocks, tokenized securities, asset-backed lending, credit cards, prediction markets, and DeFi yield features including support for XRP.
The company said 2026 is about expanding what the app can do, not retreating from the retail market.
