Bitcoin Suisse plans to move up to half of its Swiss jobs abroad as the crypto financial services firm expands its international footprint, according to a Friday report from Swiss financial publication Finews.
Founded in Zug in 2013, Bitcoin Suisse provides crypto trading, custody, staking and lending services. The restructuring could affect as many as 60 of the company’s 120 Switzerland-based roles, mainly in back-office and administrative functions, Finews reported.
Back-office roles expected to move to lower-cost locations
The affected functions are expected to be transferred to lower-cost hubs in Bratislava and Vietnam. Bitcoin Suisse also plans to open a new location in Vietnam in the coming years.
Chief executive Andrej Majcen told Finews that cost was a key reason behind the move, saying it would be significantly less expensive to run the affected services in those two countries.
Company says the move is tied to global expansion
Majcen said the restructuring was not a response to weakness in the crypto market. He described it as part of Bitcoin Suisse’s strategy to expand internationally and build a broader wealth and asset management business.
In June, the company said it was pushing beyond its Swiss home market and targeting institutional clients, family offices, asset managers and high-net-worth individuals as it develops into a global wealth management platform.
Licenses and regulatory approval secured this year
Earlier this year, Bitcoin Suisse secured licenses in Liechtenstein and Bermuda. Its Middle East subsidiary also received full regulatory approval in Abu Dhabi in July.