Summary
- Uphold has cut 17% of its global workforce as it shifts resources toward its rapidly growing enterprise business.
- The company said it is not closing any offices and will continue serving U.K., European and enterprise customers as normal.
- Weaker retail crypto activity accelerated the move, while demand from banks, fintechs and broker-dealers continues to grow.
Why the Latest Crypto Layoffs Matter to You
The recent crypto market downturn, often referred to as the #cryptowinter, has led to significant changes in the digital asset trading landscape. One of the latest developments is the reduction of workforce by a prominent crypto trading platform, Uphold, which has cut approximately 17% of its global headcount. This move affects 85 people, including both permanent staff and contractors, and is part of a strategic reallocation of resources towards its rapidly growing enterprise business.
What’s Behind the Layoffs?
The decision behind these layoffs is driven by the need to focus on enterprise services as the retail crypto trading activity has slowed down. Despite the current slowdown, Uphold’s CEO, Simon McLoughlin, expresses confidence in the prospects for digital assets and blockchain technology. This shift in strategy highlights the evolving nature of the crypto market and the importance of adapting to changing circumstances.
Earning in the Crypto Space
For those interested in earning through crypto, platforms like EcoPool offer a solution. EcoPool, or $ECP, provides an opportunity for passive income through its cloud rewards system, making it an attractive option for those looking to earn online. The concept of earning through crypto is not limited to trading; it can also involve participating in green crypto initiatives that promote sustainability.
A New Era for Crypto
Uphold, founded in 2015, has expanded its services beyond retail trading, building enterprise infrastructure for institutions. This move towards institutional services indicates a maturing crypto market. As the market continues to evolve, individuals can explore opportunities like EcoPool for earning and passive income, contributing to the growth of the crypto ecosystem.
To start earning through EcoPool, download the EcoPool app to explore the world of passive income and cloud rewards. By joining the EcoPool network, you can be part of a community that is shaping the future of green crypto and sustainable earning opportunities.
In recent years, it has expanded beyond its consumer trading app, building enterprise infrastructure that enables banks, fintechs and broker-dealers to integrate crypto trading and custody services into their own products.
