Crypto Trading Platform Uphold Cuts 17% Of Workforce
Privately held crypto trading platform Uphold announced it is cutting 17% of its global workforce, affecting 85 employees and contractors. The layoffs are part of a strategic shift to focus on its fast-growing enterprise business, as retail cryptocurrency trading softens due to the ongoing market downturn known as 'crypto winter.' Founded in 2015 and based in New York City, Uphold allows retail and institutional investors to trade crypto, fiat currencies, stocks, and precious metals. The company has recently expanded into enterprise infrastructure for banks and fintech firms. Uphold stressed it is not closing its British operations or any international offices. The cuts come amid significant outflows from U.S. spot Bitcoin ETFs, which saw $6.9 billion in net outflows in May and June 2026.
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