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    Friday, September 11
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    Bitcoin Suisse is cutting every other position in Switzerland

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    Crypto Earthquake in Zug

    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)

    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

    Swiss crypto pioneer Bitcoin Suisse is facing a radical restructuring. Up to 60 jobs are at risk at its headquarters in Zug due to an international realignment.

    Keystone-SDA

    Keystone-SDA

    Today at 13:36

    Here’s what it’s all about

    • Bitcoin Suisse is restructuring the company globally and cutting up to 60 of its 120 jobs in Switzerland.
    • More efficient technologies such as AI and the outsourcing of IT and back-office operations are driving job cuts.
    • Switzerland remains the hub for customer service, while international growth is driven by new licenses abroad.
    Summary created withmyAi

    The crypto service provider Bitcoin Suisse is undergoing a major organizational restructuring and will cut up to half of its workforce in Switzerland. In total, up to 60 of the 120 jobs in the country could be eliminated, the company announced on Friday.

    The crypto provider aims to evolve from a “primarily Swiss” crypto company into an international financial services group, a Bitcoin Suisse spokesperson told the AWP news agency on Friday in response to a related report by the financial portal “Finews.”

    According to media reports, the staff was informed of the measures this morning.

    Consultation Process

    The exact details of the restructuring are now the subject of the ongoing consultation process, which will last until September 20. The spokesperson emphasized that the company is currently unable to provide a specific figure regarding job losses at its headquarters in Zug.

    Software development and back-office functions are likely to be relocated abroad: These activities would be “more heavily concentrated in international hubs,” the spokesperson said.

    Changes in Resource Requirements

    At the same time, the company’s resource requirements are changing due to more efficient work methods and new technologies such as artificial intelligence (AI). However, the spokesperson declined to specify the amount of the cost savings.

    Switzerland, on the other hand, should remain the “hub of client-focused business.” This includes client advisory services and relationship management, as well as wealth management for private and institutional clients: “These are also the areas where proximity, expertise, and trust are crucial.”

    Long-Term Strategy

    The Bitcoin Suisse spokesperson emphasized that the restructuring is not a short-term reaction to the crypto market’s weakness, which has persisted for months. Rather, it is part of a long-term growth strategy. With a price of just under $77,000, Bitcoin is still clearly down for the year.

    The spokesperson noted several licenses obtained in recent months: For example, the company had announced that it had received the EU-wide Micar license in Liechtenstein, as well as licenses in Abu Dhabi and Bermuda. Bitcoin Suisse continues to expand its wealth and asset management businesses as key pillars of growth.

    Founded in 2013 by Niklas Nikolajsen, Bitcoin Suisse is considered a pioneer in the Swiss crypto industry and an important part of Zug’s “Crypto Valley.” Nikolajsen, however, stepped down from the company in 2021. In recent years, the crypto company’s financial performance has fluctuated significantly in line with price movements in the crypto market.