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

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Monday, 27/07/2026 | 20:15 GMT by
Tanya Chepkova

  • Uphold has cut roughly 17% of its workforce as it redirects investment toward its enterprise business serving banks, fintechs and broker-dealers.
  • The company says its consumer app roadmap remains unchanged, with US stocks, tokenised securities and prediction markets still planned by the end of 2026.

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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.

Consumer Ambitions Remain

The restructuring does not change Uphold’s consumer roadmap. The company still plans to expand its retail app to compete with Robinhood and Coinbase by adding US stocks, tokenised securities, asset-backed lending and prediction markets before the end of 2026.

The layoffs therefore reflect a reallocation of investment rather than a retreat from consumer products. While the retail roadmap remains intact, Uphold is directing additional resources toward enterprise infrastructure as it seeks growth through banks, fintechs and broker-dealers.

The strategy leaves Uphold pursuing both sides of the market: consumer distribution through its app and infrastructure services for financial institutions.

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.

Consumer Ambitions Remain

The restructuring does not change Uphold’s consumer roadmap. The company still plans to expand its retail app to compete with Robinhood and Coinbase by adding US stocks, tokenised securities, asset-backed lending and prediction markets before the end of 2026.

The layoffs therefore reflect a reallocation of investment rather than a retreat from consumer products. While the retail roadmap remains intact, Uphold is directing additional resources toward enterprise infrastructure as it seeks growth through banks, fintechs and broker-dealers.

The strategy leaves Uphold pursuing both sides of the market: consumer distribution through its app and infrastructure services for financial institutions.

Tanya Chepkova

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Tanya Chepkova is a News Editor at Finance Magnates with more than 16 years of experience in financial journalism, covering forex, crypto, and digital asset markets. Her work spans daily industry reporting and data-driven, long-form explainers focused on market structure, trading models, and regulatory shifts.

Before joining Finance Magnates, she led the editorial team of a cryptocurrency-focused media outlet for six years. Her reporting combines analytical depth with clear storytelling, with particular attention to how structural changes in trading, stablecoin infrastructure, and emerging products such as prediction markets reshape the broader financial ecosystem. She covers global developments and provides additional insight into CIS markets.

Areas of Coverage:
Crypto and digital asset markets
Prediction markets
Stablecoins and cross-border payments
Industry analysis and long-form explainers

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