Crypto trading platform Uphold has cut about 17% of its global workforce as it redirects resources toward its expanding enterprise business, CoinDesk reported.
The restructuring affected 85 employees and contractors across several regions, according to the report.
The decision comes as weaker retail crypto activity pushes Uphold to focus more heavily on services for banks, fintech companies, and broker dealers.
The company nearly doubled its workforce during the previous market expansion and is now adjusting its cost base to current trading conditions, CoinDesk reported. Uphold nevertheless remains confident in the long term outlook for digital assets and blockchain technology.
Founded in 2015, the New York based company allows retail and institutional customers to trade and hold cryptocurrencies, fiat currencies, equities, and precious metals through a single account.
