Uphold, a digital asset trading platform based in New York City, has announced a 17% layoff of its workforce to realign its business strategy towards its expanding enterprise segment. A total of 85 positions, including permanent employees and contractors, will be eliminated as the company responds to a marked decrease in retail crypto trading.
Company’s Strategy Shift to Enterprise Focus
The decision to downsize is aimed at reallocating resources towards serving banks, fintech firms, and broker-dealers, where there is still a robust demand for services. CEO Simon McLoughlin remains optimistic about the future of digital assets, emphasizing the company's shift after a period of rapid expansion that nearly doubled its workforce.
Despite a downturn in the cryptocurrency market, which saw the total market capitalization drop to about $2.1 trillion by the end of the second quarter, Uphold is committed to its enterprise growth. McLoughlin stated, "We’re recalibrating after several years of extraordinary growth... we’ve never been more confident in the prospects for digital assets and blockchain technology."
