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BTC Switzerland's Bitcoin Suisse has laid off up to 60 people and accelerated its transformation into an international financial services group
As one of Switzerland's oldest cryptocurrency financial services companies, Bitcoin Suisse is cutting up to 60 positions in its home market. The adjustment aims to reshape it from a mainly Swiss-based company to an international financial services group.
The Zug-based company said the downsizing will affect up to half of its 120 Swiss positions. Bitcoin Suisse's move is part of a trend that more and more cryptocurrency companies are streamlining employees and consolidating operations as the industry matures and the market re-emphasizes cost control discipline. The company pointed out that the changes focus mainly on support and development functions rather than customer-facing roles.
A company spokesperson told the Swiss AWP news agency that part of the changes stem from the fact that software development and back-office functions are being integrated into international hubs. The spokesperson said that the specific details of the reorganization are currently in the negotiation process and the process will last until September 20.
As of now, Bitcoin Suisse has not disclosed the specific number of layoffs at its Zug headquarters, which has been operating here since its establishment more than ten years ago.
From Swiss crypto pioneer to international group
This layoff officially establishes the strategic shift Bitcoin Suisse is committed to promoting throughout the year. The company has obtained a MiCAR license and launched a European expansion plan, as well as a financial services license from Abu Dhabi as part of its Middle East expansion strategy.
The company said Switzerland will remain the core center of its customer-facing business, while back-end engineering and management administration will be centrally handled internationally.
Signals behind the restructuring
Bitcoin Suisse's move echoes similar layoffs by other cryptocurrency companies, such as Polygon Labs, which cut employees as it transitioned into the payments space, and Aave, which reorganized its business in the context of decentralized financial application consolidation. What these cases have in common is that companies are working to build leaner structures and operate around fewer but larger hubs.
The final size of the staff reduction remains uncertain until negotiations end later this month. However, the direction is clear: for this company, which has long been an iconic company in Switzerland, its Swiss local business footprint will shrink and its international footprint will further expand. For its Swiss employees, the next few weeks will determine how many positions will ultimately be affected.
