Digital asset trading platform Uphold is cutting 17% of its global workforce, the company confirmed Tuesday. The layoffs come as the crypto winter drags on and the firm pivots toward its enterprise business, which it says is growing faster than its retail operations.
The layoff numbers
Uphold didn't disclose the exact headcount reduction in absolute terms, but 17% of its global staff is a significant trim. The cuts affect roles across the company, though the firm said it's prioritizing areas tied to its enterprise offering. Employees were notified earlier this week.
Why the cuts are happening
The company attributed the job losses to the ongoing crypto winter — the prolonged downturn that has squeezed revenue across the industry. But there's more to it. Uphold is making a strategic shift. Its enterprise business, which provides digital asset infrastructure and custody for other companies, has been growing fast. The retail side, by contrast, has faced headwinds as trading volumes slumped. The layoffs are part of a reallocation of resources toward that B2B segment.
Focus on enterprise
Uphold's enterprise unit handles things like white-label trading and custody for financial institutions. The company sees that as the main growth driver going forward. The retail platform isn't going away, but the staffing changes make clear where the priority lies. The timing isn't great for the affected employees, but the move is a familiar one in crypto right now — several exchanges and wallet providers have trimmed headcount this year as they adjust to lower trading activity and a changed market.
Uphold hasn't said whether more cuts are coming. For now, the company is betting that enterprise clients will provide a steadier revenue stream than the volatile retail market. Whether that bet pays off depends on how long the crypto winter lasts — and how many institutions are ready to move into digital assets.
