Bitcoin Suisse plans to cut up to 60 jobs in Switzerland as the company moves more of its work to cheaper locations abroad.

The company has about 120 employees in Switzerland and around 200 worldwide. If all the planned cuts go ahead, roughly half of its Swiss workforce could lose their jobs.

The Zug-based company said the changes are part of a bigger plan to grow internationally. It also wants to expand beyond its traditional digital asset business and become a broader wealth and asset management company.

The company said the restructuring is not because of weak bitcoin markets.
Employees were told about the plans at a town hall meeting. A consultation process is now underway and will continue until September 20. The final number of job cuts will be decided after the consultation.

Bitcoin Suisse plans to move more software development and back-office work away from Switzerland.

The company already has an international hub in Bratislava, Slovakia. It plans to keep using that location and also establish a new hub in Vietnam.

At the same time, Bitcoin Suisse will close its IT development site in Copenhagen.

CEO and co-founder Andrej Majcen said cost is an important reason for the move.
“In Bratislava and Vietnam, we can provide these services at significantly lower cost,” he said.

The company also says the international hubs will give it access to more workers and help it invest more money in developing its business.

However, Bitcoin Suisse does not plan to move all of its operations out of Switzerland.
Jobs that involve dealing directly with customers are expected to remain in Switzerland.

These include client advisory services, relationship management, wealth management and asset management. Zug will also remain the company's headquarters.

Bitcoin Suisse was founded in Zug in 2013 and became one of Switzerland's best-known Bitcoin companies. Its services include Bitcoin trading, custody, staking and lending.

But the company now wants to do more than provide Bitcoin-related services.

It plans to build a larger international wealth and asset management business aimed at wealthy individuals, family offices, asset managers and institutional investors.

“In the past, our focus was primarily on Switzerland. Now, international growth is our priority,” Majcen told Finews.

The idea is to use Bitcoin Suisse's experience in digital assets while offering customers a wider range of financial services. The company has already taken steps to support this plan.

Its subsidiary in Liechtenstein recently received a license under the European Union's Markets in Crypto-Assets, or MiCA, rules. The license can allow the company to serve customers in parts of the European Economic Area.

Bitcoin Suisse has also obtained licences in Bermuda, while its Middle Eastern business received regulatory approval in Abu Dhabi.

Majcen said Switzerland remains an attractive place for financial services. “Switzerland is an extremely attractive financial centre, and it is crucial that our client teams are based here.”

He also said the restructuring is not a reaction to the current digital assets market. “We have a substantial cushion to weather this phase,” he said.