Uphold is laying off 17% of its workforce and refocusing on crypto infrastructure, the company said this week. The move comes as the prolonged bear market pressures firms to find revenue beyond trading fees — and as some competitors have already thrown in the towel.
The new strategy
Uphold will now operate as a crypto infrastructure provider rather than a consumer-facing exchange. The company said it will offer backend services such as custody, staking, and payment rails to other businesses. The shift means a smaller headcount: roughly 17% of staff are being let go, according to the announcement.
Why now
The bear market has dragged on long enough that business models built on retail trading volume are no longer sustainable. Uphold is not alone in rethinking its approach. Several crypto firms have already shut down entirely this year, including BitMEX and BitMart, which both ceased operations earlier in 2026. Others are cutting costs and pivoting to more stable revenue streams.
What happens to users
Uphold said retail customers will still be able to use the platform for now, but the company's long-term focus is on institutional and business clients. The firm did not specify whether it plans to eventually phase out its consumer trading service. For the moment, deposits and withdrawals remain active.
The layoffs are expected to be completed by the end of August. Affected employees will receive severance packages, the company said.
