Uphold Cuts 17% of Workforce as Crypto Market Slump Weighs on Trading
JH Kim
Summary
- Crypto trading platform Uphold announced it has cut about 17% of its workforce.
- The restructuring was a response to the crypto market slump and weaker trading activity among retail investors.
- Uphold said the restructuring is part of a strategy to sharpen its focus on business-to-business services.
Forecast Trend Report by Period
Crypto trading platform Uphold said it has cut about 17% of its workforce.
CoinDesk reported on July 27 that the restructuring is part of a strategy to sharpen the company's focus on business-to-business services as the recent slump in the crypto market has damped trading activity among retail investors.
The layoffs affect 85 employees, including full-time staff and contractors.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.