The cuts come as the crypto industry struggles with a prolonged downturn. After three consecutive quarters of decline, the total market capitalization of cryptocurrencies 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).
U.S. spot Bitcoin ETFs saw combined net outflows of $6.9 billion in May and June. Even if flows recovered in July, notably after six consecutive days of inflows, the rebound remains modest compared to the withdrawals observed during the general slowdown of the markets.
Uphold stressed that it would not close its UK operations or any of its international offices, adding that all sites remained fully staffed and operational.
The company’s enterprise platform allows banks, fintechs and brokers to integrate digital asset services for their own clients, an area the company says is growing rapidly.
The dynamics of this sector, combined with weaker retail demand, have made the restructuring necessary as it shifts staff and investments towards enterprise products. Further 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 are expanding 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 yield opportunities on assets including XRP,” he added.
