Digital asset trading platform Uphold cuts 17% of global headcount as crypto winter bites

Crypto trading platform Uphold said it cut roughly 17% of its global workforce as it reallocates resources toward its fast-growing enterprise business.

Eight five people in total were affected by the cuts, and this included permanent staff and contractors.

The layoffs, which hit employees across multiple regions, were driven by a strategic decision to double down on enterprise services as retail crypto trading activity softened during the recent market downturn.

“We’re recalibrating after several years of extraordinary growth, during which we nearly doubled our headcount, CEO Simon McLoughlin said in emailed comments. “Despite the current slowdown in crypto trading activity, we’ve never been more confident in the prospects for digital assets and blockchain technology.”

Founded in 2015, the New York City-based firm is a digital asset trading platform that lets retail and institutional customers buy, sell and hold cryptocurrencies, fiat currencies, equities and precious metals through a single account.