Bitcoin Suisse plans to shift up to half of its Swiss jobs abroad as the crypto financial services firm expands its international operations.
Founded in Zug in 2013, the company provides crypto trading, custody, staking and lending services. The restructuring could affect up to 60 of the companys 120 Swiss positions, primarily in back-office and administrative roles, according to a Friday report from Swiss financial publication Finews.
The affected functions are expected to move to lower-cost hubs in Bratislava and Vietnam, where Bitcoin Suisse plans to establish a new location in the coming years. CEO Andrej Majcen said cost was a key factor in the move, telling Finews that operating the affected services in the two countries would be significantly less expensive.
Majcen added that the restructuring was not a response to weakness in the crypto market, but part of Bitcoin Suisses strategy to expand internationally and build a broader wealth and asset management business.
In June, the company said it was expanding beyond its Swiss market, targeting institutional clients, family offices, asset managers and high-net-worth individuals as part of its evolution toward a global wealth management platform.
Bitcoin Suisse also secured licenses in Liechtenstein and Bermuda earlier this year, while its Middle East subsidiary received full regulatory approval in Abu Dhabi in July.
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