Exchange platform Uphold announced the layoff of 85 employees and contractors, representing 17% of its global workforce, amid a marked slowdown in retail activity and crypto market contraction, with total market capitalization falling to approximately $2.1 trillion at the end of June. CEO Simon McLoughlin explained that the company needed to « recalibrate after several years of extraordinary growth, » after nearly doubling its headcount during the previous expansion phase. The savings will be redirected toward fast-growing B2B activities, notably trading APIs and digital asset custody solutions for banks and fintechs. Uphold is part of a broader restructuring wave affecting the entire sector: over 450 jobs have already been cut since the beginning of 2026 at players such as the Algorand Foundation, Crypto.com, Gemini, and OP Labs, with crypto job postings declining by 80%.
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