Uphold Lays Off 17% of Staff Amid Prolonged Crypto Downturn
Digital asset trading platform Uphold has cut 17% of its global workforce as the extended crypto winter continues to pressure industry revenues.
Digital asset trading platform Uphold has laid off approximately 17% of its global workforce, the company confirmed, marking one of the more significant staffing reductions among crypto-focused firms navigating a prolonged market downturn. The cuts affect employees across multiple regions as the platform moves to reduce costs amid sustained pressure on trading volumes and revenue.
The layoffs arrive during what the industry has widely termed a "crypto winter" — a period defined by sharply lower token valuations, diminished retail trading activity, and tightening liquidity across digital asset markets. Uphold joins a growing list of crypto companies that have been forced to pare back headcount as the post-2021 bull market euphoria continues to fade.
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Uphold operates as a multi-asset trading platform, allowing users to trade cryptocurrencies, precious metals, and equities from a single account. The platform had expanded aggressively during the crypto boom, and like many of its peers, now faces the difficult task of rightsizing operations to match a dramatically different market environment.
The decision to cut nearly one-fifth of staff signals that even established, diversified platforms are not insulated from the sector-wide slowdown. Industry analysts have noted that companies lacking sufficient revenue diversification or institutional backing face particularly acute challenges during extended bear markets, and workforce reductions are likely to continue across the sector before conditions stabilize.
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