The crypto financial services company Bitcoin Suisse is advancing an organizational restructuring and plans to eliminate up to 60 positions in Switzerland, affecting approximately half of its local employees. The company manages more than $3 billion in digital asset custody, and the adjustment is part of an arrangement to transfer more software development and back-office functions overseas.
Bitcoin Suisse, headquartered in Zug, has approximately 200 employees globally and is also preparing to close its information technology development center in Copenhagen. The company has already established an operations hub in Bratislava and plans to establish a new operations center in Vietnam.
Bitcoin Suisse CEO and co-founder Andrey Majcen told Swiss media outlet Finews, which first reported the restructuring, that the company can provide related services in Bratislava and Vietnam at “significantly lower costs.”
Majcen pointed out that the decision resulted from the company’s international growth strategy and was not affected by the downturn in the cryptocurrency market.
Founded in 2013, Bitcoin Suisse mainly provides cryptocurrency trading, custody, staking, and lending services. Majcen disclosed to Finews that the company is currently planning to expand its business scope from the cryptocurrency sector to broader wealth management and asset management services, with target customers including high-net-worth individuals and institutional investors.
To support this business expansion, Bitcoin Suisse has already begun applying for and obtaining relevant licenses. Its Liechtenstein subsidiary received authorization in June under regulations introduced by the European Union’s Markets in Crypto-Assets framework (Markets in Crypto-Assets), allowing it to provide services to customers in some European Economic Area markets.