Privately held crypto trading platform Uphold is cutting 17% of its global workforce as it shifts resources to its fast-growing enterprise business.
In a news release, Uphold said that a total of 85 people were impacted by the job cuts, including permanent staff and contractors.
The layoffs come as the company doubles down on its enterprise services, and as retail cryptocurrency trading softens due to the current market downturn.
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Founded in 2015, New York City-based Uphold is a crypto trading platform that lets retail and institutional investors buy, sell, and hold crypto such as Bitcoin (CRYPO: $BTC).
The platform also facilitates trading in fiat currencies, stocks, and precious metals such as gold through a single account.
In recent years, Uphold has expanded beyond its trading app to build enterprise infrastructure that enables banks, financial technology firms, and brokers to integrate crypto trading into their own products.
The cuts also come as the digital asset industry grapples with a prolonged downturn known as a “crypto winter.” U.S. spot Bitcoin ETFs saw a combined $6.9 billion U.S. of net outflows in May and June of this year.
Uphold stressed that it is not closing its British operations or any of its international offices, adding that all locations remain operational.
As a private company, Uphold’s stock does not trade on a public exchange.
