Uphold Cuts 17% of Workforce to Tackle Market Slump

The digital asset trading platform Uphold has announced a reduction of approximately 17% of its global workforce, affecting 85 full-time employees and contractors. This adjustment aims to redirect resources towards its rapidly growing enterprise business in response to a slowdown in retail trading activity caused by the downturn in the cryptocurrency market. Uphold stated that it will not close its offices in the UK or other international locations, and all regional operations will continue as normal. Currently, the company provides cryptocurrency trading and custody infrastructure for banks, fintech companies, and brokerages, and plans to upgrade its consumer-facing application by 2026 to support features such as US stock trading, tokenized securities, asset-backed lending, credit cards, prediction markets, and DeFi yields, transforming it into a multi-asset blockchain financial platform.

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