Uphold has slashed 17% of its workforce as part of a strategic pivot to double down on crypto infrastructure and enterprise solutions. CEO Simon McLoughlin said the move comes after years of rapid expansion, when the company nearly doubled its team size. The adjustment aims to better align costs with the current sluggish market conditions that continue to challenge the crypto sector.
Despite the layoffs, McLoughlin remains bullish on blockchain technology’s future. He revealed that Uphold has secured 10 partnerships focused on infrastructure and now connects with 32 exchanges globally. The company is ramping up efforts to serve institutions and expand multi-asset offerings, including fractional U.S. stock trading and preparations for MiCA-compliant operations in Europe.
The prolonged crypto downturn has forced many firms to rethink their models. Some have shut down entirely, like BitMEX and BitMart, while others, like Uphold, are seeking more stable revenue streams beyond volatile trading. Their new strategy includes integrating services like GoMining and Topper to capture enterprise demand.
The market reacted moderately to the announcement, with Uphold’s token experiencing a slight dip following the news.
