Privately held crypto trading platform Uphold is cutting 17% of its global workforce as it shifts resources to its fast-growing enterprise business.

In a news release, Uphold said that a total of 85 people were impacted by the job cuts, including permanent staff and contractors.

The layoffs come as the company doubles down on its enterprise services, and as retail cryptocurrency trading softens due to the current market downturn.

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Founded in 2015, New York City-based Uphold is a crypto trading platform that lets retail and institutional investors buy, sell, and hold crypto such as Bitcoin (CRYPO: $BTC). …