Major Restructuring at Bitcoin Suisse

Hardly a stone is being left unturned at <a href="https://bitcoinsuisse.com/uae” rel=”nofollow noopener” target=”_blank”>Bitcoin Suisse. The Zug-based company, founded in 2013, is realigning its business model, expanding internationally and, at the same time, relocating a significant share of its existing operations abroad.

The restructuring marks a turning point for one of the pioneers of Switzerland’s Crypto Valley. Bitcoin Suisse initially made a name for itself primarily through cryptocurrency trading and custody. Its offering has since expanded to include trading, custody, staking and lending.

Now, the company is preparing to take the next step: transforming itself from a Swiss crypto specialist into an internationally positioned provider serving wealthy private clients, family offices, asset managers and institutional investors.

«In the past, our focus was primarily on Switzerland. Now, international growth is our priority. Building on our extensive crypto expertise, we want to offer international clients a broad range of wealth and asset management services that goes beyond crypto,» Group CEO and co-founder Andrej Majcen told finews.

Since the beginning of this year, Bitcoin Suisse has increasingly put the necessary regulatory foundations in place. In Liechtenstein, its European subsidiary obtained a MiCAR licence, giving it access to markets across the European Economic Area through passporting. In Bermuda, the group received licences for digital asset and investment activities. During the summer, its Middle Eastern subsidiary obtained full regulatory approval from the financial regulator in Abu Dhabi.

The strategic shift will have far-reaching consequences for the company’s Swiss operations. Up to half of the current jobs in Zug could be relocated abroad. Back-office and administrative functions will be particularly affected. These activities are set to be moved either to Bratislava or to Vietnam, where Bitcoin Suisse plans to establish a new location over the coming years.

Employees in Zug were informed of the plans at a town hall meeting on Friday morning.

The exact number of jobs that will ultimately be eliminated will become clear once a ten-day consultation process has been completed. One thing, however, is already certain: the first layoffs will take effect before the end of this year.

Bitcoin Suisse’s announcement adds to a series of grim developments for Switzerland’s financial centre. UBS is expected to cut around 3’000 jobs in Switzerland as part of its integration of Credit Suisse, while Helvetia Baloise plans to eliminate up to 1’200 positions in the Swiss market following its merger. More recently, Raiffeisen Switzerland announced plans to cut up to 180 jobs, while Swiss Life is reducing its workforce by around 600 positions, roughly half of them in Switzerland.

The relocation is primarily driven by financial considerations. «In Bratislava and Vietnam, we can provide these services at significantly lower cost,» Majcen said.

According to Majcen, the move is not related to the current challenging conditions in the crypto market. «We have a substantial cushion to weather this phase,» he said. Instead, the restructuring is a clear strategic decision: «We are investing in growth, and Bitcoin Suisse is to become a global brand,» he emphasised.

Despite the job cuts, Majcen has no intention of turning his back on Switzerland. Zug will remain the company’s headquarters, and there are no plans to change the Bitcoin Suisse name. On the contrary, the company intends to continue growing in Switzerland and is not ruling out acquisitions as part of that strategy.

«Switzerland is an extremely attractive financial centre, and it is crucial that our client teams are based here.»

Source: www.finews.com