Bitcoin Suisse Reduces Swiss Staff by Half, Expands into Vietnam

Bitcoin Suisse is reorganizing its international operations and plans to establish a hub in Vietnam. The company may cut up to 60 of its 120 employees in Switzerland as part of this restructuring, which also involves closing its IT development center in Copenhagen.

The Swiss job cuts are expected to be finalized by September 20 after a consultation process. Bitcoin Suisse currently has around 200 employees worldwide and plans to concentrate software development and back-office functions in international hubs. The company already has a hub in Bratislava, Slovakia.

Bitcoin Suisse's interest in Vietnam dates back earlier this year when CEO Peter Camenzind joined a Swiss business delegation meeting with Vietnamese Deputy Prime Minister Nguyen Hoa Binh. The company expressed its desire to contribute its experience to the development of Vietnam's financial ecosystem and is now planning to establish a hub there.