Bitcoin Suisse, which has more than $3 billion in digital assets under custody, plans to cut up to 60 jobs in Switzerland, half its workforce in the country, as the crypto financial services firm moves more software development and back-office work overseas.
The Zug-based company, which employs around 200 people globally, is also closing its IT development site in Copenhagen. It already operates a hub in Bratislava and plans to establish another in Vietnam.
“In Bratislava and Vietnam, we can provide these services at significantly lower cost,” CEO and co-founder Andrej Majcen told Swiss outlet Finews, which first reported the restructuring.
He said the decision reflected its international growth strategy and was unrelated to difficult crypto market conditions.
Founded in 2013, Bitcoin Suisse offers crypto trading, custody, staking and lending. Majcen told Finews the company now wants to expand beyond crypto into broader wealth and asset management services for wealthy individuals and institutional clients.
The company has begun securing licenses to support that expansion. Its Liechtenstein subsidiary received authorization under the European Union’s Markets in Crypto-Assets framework in June, allowing it to serve clients across selected European Economic Area markets.
Leave a Reply
You must be logged in to post a comment.