Bitcoin Suisse Plans to Move Up to Half of Swiss Workforce Abroad

Bitcoin Suisse is restructuring to move a substantial portion of its Switzerland-based workforce overseas as it seeks to cut costs and expand its global business.

Cointelegraph reported on September 11 that Bitcoin Suisse plans to transfer the roles of as many as 60 of its 120 employees currently based in Switzerland to overseas hubs. The positions are primarily in back-office and administrative functions.

The potential destinations are Bratislava, Slovakia, and Vietnam. The company also plans to establish a new hub in Vietnam in the coming years and gradually shift related functions there.

Chief Executive Officer Andrej Majcen said cost efficiency was the main reason for the decision. Operating those functions from Slovakia and Vietnam could deliver significant savings, he said.

Bitcoin Suisse said the move was not a belt-tightening measure in response to weakness in the crypto market. Rather, it described the overhaul as a broader reorganization to expand into a global wealth-management platform.

Founded in Zug, Switzerland, in 2013, Bitcoin Suisse provides trading, custody, staking and lending services. The company secured licenses this year in Liechtenstein and Bermuda, and its Middle East subsidiary received formal regulatory approval in Abu Dhabi in July.