Cryptocurrencies
Bitcoin Suisse is cutting up to half of its workforce in Switzerland. The restructuring is part of the company’s long-term growth strategy. (File photo)
Keystone
Bitcoin Suisse is cutting up to 60 of its 120 jobs in Switzerland. The crypto service provider cites a strategic realignment of the organization—from a “primarily Swiss” crypto company to an international financial services group—as the reason.
Today at 12:33A company spokesperson told the AWP news agency, in response to a related report by the financial portal “Finews,” that some of the changes stem from the fact that software development and back-office functions will be consolidated more heavily in international hubs going forward. According to media reports, the workforce was informed of the measures on Friday morning.
The spokesperson explained that the exact details of the restructuring are now the subject of the ongoing consultation process, which will last until September 20. The company is currently unable to provide a specific figure regarding job losses at its headquarters in Zug.
Switzerland will remain the center of “client-focused business” in the future as well, the statement continued. This includes client advisory services, relationship management, wealth management, and asset management. Software development and back-office functions, on the other hand, will increasingly be consolidated in international hubs.
The Bitcoin Suisse spokesperson emphasized that the restructuring was not a reaction to the Bitcoin market’s prolonged weakness over the past few months. Rather, it is part of the company’s long-term growth strategy. He pointed to the licenses obtained in recent months, including the EU’s Micar license in Liechtenstein as well as licenses in Abu Dhabi and Bermuda.