Bitcoin Suisse Axes Half of Swiss Workforce Amid Global Restructure

Bitcoin Suisse is cutting up to half of its Swiss workforce as part of a major restructuring effort. The company, which employs around 200 people globally, will eliminate up to 60 jobs in Switzerland, representing a possible reduction of 50%. This move comes despite continued investment in Switzerland's crypto ecosystem, where companies raised $728 million across 31 blockchain deals in 2023, a 37% increase from the previous year.

The restructuring is designed to allow Bitcoin Suisse to scale faster and access broader talent pools. The company plans to concentrate its investments on future products and will shift more software and back-office work to international hubs. This includes closing its Copenhagen IT development site and expanding operations in Liechtenstein, Abu Dhabi, and Bermuda.

The decision is notable because it comes despite the continued growth of Switzerland's crypto sector. Crypto Valley companies raised a record amount in 2023, accounting for 47% of European blockchain venture funding. However, even established firms like Bitcoin Suisse are becoming more selective about where they place staff and technology operations.

The company has not described the layoffs as a response to financial distress but rather as part of a wider operating-model overhaul. The employee consultation period will run through September 20th.