Bitcoin Suisse Plans to Move Up to Half of Swiss Workforce Overseas
Summary
- Bitcoin Suisse said it will restructure by moving a substantial share of its Swiss workforce overseas to cut costs and support global business expansion.
- Bitcoin Suisse said it could achieve substantial cost savings by relocating the work of as many as 60 employees to Bratislava, Slovakia, and Vietnam.
- Bitcoin Suisse said the move is a reorganization to expand its global wealth management platform, not a response to weakness in the crypto market, and said it secured licenses in Liechtenstein and Bermuda and received regulatory approval in Abu Dhabi.
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Bitcoin Suisse, a crypto financial services firm, is restructuring to move a substantial portion of its Swiss workforce abroad as it seeks to cut costs and expand its global business.
Cointelegraph reported on Sept. 11 that Bitcoin Suisse plans to shift the roles of as many as 60 of its 120 Switzerland-based employees to overseas hubs. The affected positions are mainly in back-office and administrative functions.
Bratislava, Slovakia, and Vietnam are being considered as relocation sites. The company also plans to establish a new hub in Vietnam over the next few years and gradually transfer related functions there.
Chief Executive Officer Andrej Majcen described cost efficiency as the main driver of the decision. Operating those functions from Slovakia and Vietnam could generate substantial savings, he said.
Bitcoin Suisse said the move is not a belt-tightening measure tied to weakness in the crypto market. Instead, it described the restructuring as part of a broader reorganization to expand into a global wealth management platform.
Founded in Zug, Switzerland, in 2013, Bitcoin Suisse provides trading, custody, staking and lending services. This year, it secured licenses in Liechtenstein and Bermuda, and its Middle East subsidiary received formal regulatory approval in Abu Dhabi in July.
