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BTC Bitcoin Suisse plans to lay off 60 people to reshape the image of international financial services group
In order to reshape itself as a financial services group focused on international business, Bitcoin Suisse plans to cut as many as 60 of its approximately 120 positions in Switzerland. The Swiss financial industry's workforce is facing multiple pressures. In addition to Bitcoin Suisse layoffs, UBS, Helvetia Baloise, Raiffeisen Switzerland and Swiss Life are also planning large-scale layoffs.
Why is Bitcoin Suisse reducing its workforce?
Bitcoin Suisse announced that it will cut up to 60 of its approximately 120 positions. The company initially built its reputation with its cryptocurrency trading and custody business, and later expanded into pledge and lending services. Today, it aims to serve wealthy individual clients, family offices, asset managers and institutional investors, and its services go beyond the purely cryptocurrency space. Reducing employee size is an important part of achieving this transformation.
The positions most affected by this layoff are mainly concentrated in back-office operations, administrative work and software development. The abolished positions are expected to be moved to Bratislava or Vietnam, where Bitcoin Suisse plans to establish new offices in the next few years.
The company said that the layoffs were not due to the weakness of the cryptocurrency market, but due to considerations of cost control and efficiency improvement. The company also pointed out that as working methods become more efficient and new technologies including artificial intelligence are applied, the demand for the number of people has changed.
Headquartered in Zug-the city where the company was founded by Niklas Nikolajsen in 2013-the company name remains unchanged. The company stressed that Switzerland will remain the base of its "customer-facing business", covering customer consulting, relationship management and wealth and asset management services for individual and institutional clients.
Is Bitcoin Suisse ready to serve international customers?
In preparation for its internationalization strategy, Bitcoin Suisse's European branch has obtained a MiCA license in Liechtenstein. The group obtained digital asset and investment-related licenses in Bermuda; in July this year, its subsidiary BTCS (Middle East) Ltd. also received a financial services license from the Abu Dhabi Financial Services Regulatory Authority (FSRA).
Currently, the value of crypto assets under custody by the group is approximately US$3.7 billion, ranking the fourth largest pledge operator in the world.
The final number of specific layoffs will be determined after the negotiation process ends on September 20. Employees were informed of the plan at a Town Hall meeting on Friday morning, and the first layoffs are expected to take effect before the end of 2026.
Notably, UBS plans to cut about 3,000 Swiss jobs;Helvetia Baloise plans to cut as many as 1,200 jobs after the merger; Raiffeisen Switzerland said it could lay off as much as 180 jobs; and Swiss Life expects to cut about 600 jobs.
