The cuts come as the crypto industry faces a prolonged recession. After three consecutive quarters of declines, the total cryptocurrency market capitalization fell to around $2.1 trillion at the end of the second quarter, while trading volumes weakened and retail participation slowed amid higher interest rates, geopolitical uncertainty, and persistent outflows from cryptocurrency exchange-traded funds (ETFs).
US spot bitcoin ETFs recorded a combined $6.9 billion of net outflows in May and June. While flows recovered in July, including a six-day streak of inflows, the rebound remains modest relative to withdrawals seen during the overall market slowdown.
Uphold emphasized that it will not close its UK operations or any of its international offices, adding that all locations remain fully staffed and operational.
The company’s enterprise platform allows banks, fintechs and brokerages to integrate digital asset services for their own clients, an area the company says is experiencing rapid growth.
The momentum in that business, combined with weaker retail demand, necessitated restructuring as it shifts staff and investment toward enterprise products. More growth announcements are expected in the coming months, the company said.
The company remains optimistic about the long-term outlook for the retail market. “In 2026, we will expand our popular consumer app into a blockchain-enabled, multi-asset financial companion,” McLoughlin said. “By the end of the year, the app will offer US stocks, tokenized securities, asset-backed loans, credit cards, prediction markets, and enhanced DeFi performance opportunities on assets including XRP,” he added.
