Uphold Cuts Staff. The Money Now Goes to Its Bank-Facing Business

Uphold has cut its global headcount by 17%, laying off roughly 85 employees and contractors, CoinDesk reported, citing sources familiar with the matter.

The company is redirecting spending toward its enterprise business after nearly doubling headcount during what CEO Simon McLoughlin called a period of "extraordinary growth."

What Uphold Is Selling to Partners

Founded in 2015, Uphold operates a multi-asset platform covering cryptocurrencies, fiat currencies and precious metals. Alongside its consumer app, the company has been building an enterprise business that enables banks, fintechs and broker-dealers to add digital asset services through a single API.

"We're recalibrating after several years of extraordinary growth," McLoughlin said, pointing to the enterprise business as the part of the company now growing fast enough to justify shifting people and budget toward it.

The strategy reflects growing demand from financial institutions looking to add crypto trading and custody without building their own regulated infrastructure. Instead, banks and broker-dealers increasingly rely on API-based and white-label providers to launch digital asset services.

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