Bitcoin Suisse is currently undergoing a round of organizational restructuring. The company revealed that up to half of the positions at its headquarters in Zug will be moved overseas, involving up to 60 jobs, with the affected positions mainly concentrated in back-office and administrative functions. The first round of layoffs is expected to begin before the end of this year.
Positions are proposed to be relocated to two locations.
According to reports cited by foreign media from Finews, the company explained the relevant arrangements at a staff meeting last Friday. The final number of layoffs will be determined after a 10-day consultation period. The positions that are to be relocated will be moved to Bratislava, the capital of Slovakia, or to new offices in Vietnam.
Bitcoin Suisse indicates that Chuge will still retain its headquarters status, and the brand name will not be changed either.
Shift in business focus to wealth management
Founded in 2013, the company initially started with cryptocurrency trading and custody services, later expanding into staking and lending. Today, the company is targeting high-net-worth individuals, family offices, and institutional investors, and aims to extend its services from cryptocurrency assets to a broader range of wealth and asset management.
The company's management stated that in the past, the focus of their business was mainly on Switzerland, but at this stage, they place greater emphasis on international growth. This relocation of positions is also in line with this strategic adjustment.
Has obtained licenses in multiple locations
- Obtain a MiCAR license in Liechtenstein
- Obtained licenses related to digital assets and investments in Bermuda
- Received full approval from Abu Dhabi regulatory authorities this summer
The company's CEO, Andrej Majcen, stated that this adjustment is mainly due to cost factors, as the operating costs for the same services are lower in Bratislava and Vietnam. He also mentioned that this decision is not caused by the current downturn in the crypto market, and that the company has sufficient buffers to cope with market fluctuations.
Still considering acquiring in Switzerland
Although some positions will be relocated, Bitcoin Suisse states that Switzerland remains an important base for the company. Management indicates that the company is still open to acquisitions in Switzerland.
Additional information:Bitcoin Suisse is one of the earlier local institutions in Switzerland's "Crypto Valley." This adjustment indicates that established European crypto service providers are shifting their focus of growth from local markets to cross-border wealth management services.
