Bitcoin Suisse plans to move up to half of its Swiss jobs overseas
As cryptocurrency financial services company Bitcoin Suisse continues to expand its international business, the company plans to move up to half of its Swiss jobs overseas.
This Zug-based company, founded in 2013, has extensive experience in providing crypto transactions, custody, pledge and lending services. Swiss financial publication Finews reported on Friday that the restructuring could affect as many as 60 of the company's 120 Swiss positions, mainly in back-office management and administrative functions.
Affected functions are expected to be relocated to lower-cost hub cities-Bratislava and Vietnam. Bitcoin Suisse plans to establish new offices in both countries in the next few years. CEO Andrej Majcen said cost was a key factor driving the relocation. He told Finews that operating the affected services in both countries would significantly reduce costs.
Majcen added that the reorganization is not a response to the weakness of the crypto market, but is part of Bitcoin Suisse's internationalization strategy to build a broader wealth and asset management business.
In June, the company announced that its business would move beyond the Swiss market, targeting institutional clients, family offices, asset managers and high-net-worth individuals as part of its evolution into a global wealth management platform.
In addition, Bitcoin Suisse also obtained licenses from Liechtenstein and Bermuda earlier this year, and its Middle East subsidiary received full regulatory approval from Abu Dhabi in July.

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