Bitcoin Suisse Slashes Swiss Workforce Amid Crypto Market Shifts
Bitcoin Suisse, a Zug-based crypto firm, is planning to cut up to 60 jobs in Switzerland as it shifts operations to international hubs. The proposed layoffs will reduce its Swiss workforce by half.
The company employs about 120 people in Switzerland and has started consulting employees on the cuts through September 20th. Bitcoin Suisse will maintain its headquarters in Zug, which will remain the main center for wealth management.
Bitcoin Suisse plans to move software development and back-office work outside of Switzerland. The firm will close its development office in Copenhagen while expanding operations in Bratislava. Additionally, it is establishing a new hub in Vietnam, although the location has not been disclosed.
The restructuring comes as crypto companies reduce costs amid weaker digital-asset markets. Bitcoin Suisse has about 200 employees worldwide and held approximately CHF3 billion ($3.8 billion) in crypto assets.