Bitcoin Suisse is restructuring its operations and cutting up to half of its workforce at its Zug headquarters, part of a strategic shift from a regional cryptocurrency trader to an international wealth-management provider.
Employees were informed of the plans during a town hall meeting on Sept. 11, according to the company. The final number of position cuts will be determined through a mandatory 10-day consultation process. The first rounds of layoffs are expected to take effect before the end of the year.
The firm will retain its Zug headquarters along with its corporate naming and Swiss client-facing teams. Back-office and administrative functions will relocate to Bratislava, Slovakia, and Vietnam, where Group CEO and co-founder Andrej Majcen said the company can deliver services "at significantly lower cost."
"We have a substantial cushion to weather this phase," Majcen told Finews. "We are investing in growth, and Bitcoin Suisse is to become a global brand."
The pivot marks a departure from Bitcoin Suisse's origins as a Swiss specialist in cryptocurrency trading, custody, staking, and lending. The company is repositioning itself as an international asset-management provider targeting wealthy private clients, family offices, and institutional investors.
To support the expansion, Bitcoin Suisse has obtained a MiCAR license for its Liechtenstein subsidiary, granting it the ability to operate across the European Economic Area through regulatory passporting. It has also secured approvals for digital-asset and investment activities in Bermuda and full regulatory approval in Abu Dhabi.
The restructuring comes amid broader retrenchment in Switzerland's financial sector, with firms including UBS, Swiss Life, Helvetia Baloise, Raiffeisen Switzerland, and the Swiss National Bank also scaling operations.
