Nikolas Sargeant
TL;DR
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Bitcoin Suisse plans to cut up to 60 positions, representing approximately half of its Swiss workforce.
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The company will move more software-development and back-office operations to lower-cost hubs in Bratislava and Vietnam.
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CEO Andrej Majcen said the changes support international growth and are unrelated to difficult cryptocurrency market conditions.
Bitcoin Suisse plans to eliminate as many as 60 jobs in Switzerland, equivalent to approximately half of its workforce in the country, as the cryptocurrency financial-services company shifts more development and back-office operations overseas.
The Zug-based firm employs around 200 people worldwide and holds more than $3 billion in digital assets under custody. It will also close its information-technology development office in Copenhagen as part of the restructuring.
Bitcoin Suisse Shifts Operations to Lower-Cost Hubs
Bitcoin Suisse already operates an international hub in Bratislava and plans to establish another location in Vietnam.
CEO and co-founder Andrej Majcen said moving selected operations to the two markets would allow the company to provide the same services at significantly lower costs.
The restructuring will primarily affect software-development and administrative roles. However, the company has not provided a detailed breakdown of the positions being eliminated or disclosed when the process will be completed.
Majcen said the decision forms part of Bitcoin Suisse’s international growth strategy and is unrelated to challenging conditions in the cryptocurrency market.
The planned closure of Bitcoin Suisse’s Copenhagen development office further reflects the company’s effort to consolidate its technology operations in lower-cost locations.
Following the restructuring, more of the company’s software development and back-office work will be handled from Bratislava and the proposed Vietnam hub.
Despite reducing its Swiss workforce, Bitcoin Suisse will remain headquartered in Zug, one of Europe’s leading cryptocurrency and blockchain centers.
Company Targets Wealth and Asset Management Growth
Founded in 2013, Bitcoin Suisse provides cryptocurrency trading, custody, staking and lending services to private and institutional customers.
The company now intends to expand beyond its core digital-asset business by offering broader wealth and asset management services. Its target market includes wealthy individuals and institutional investors seeking exposure to both cryptocurrency and conventional financial products.
The expansion could help Bitcoin Suisse diversify its revenue sources while positioning the company as a more comprehensive financial-services provider.
MiCA License Supports European Expansion
Bitcoin Suisse has started obtaining regulatory approvals to support its international strategy.
In June, its Liechtenstein subsidiary received authorization under the European Union’s Markets in Crypto-Assets Regulation. The license allows the company to provide regulated services across selected markets in the European Economic Area.
The approval could help Bitcoin Suisse attract new customers and expand its regulated European operations as it develops its wealth-management business.
