Bitcoin Suisse plans to cut up to 60 Swiss jobs

Bitcoin Suisse, a Zug-based crypto services provider, plans to cut up to 60 of its 120 positions in Switzerland, SRF reported. The company said the reductions are part of a shift from a primarily Swiss crypto business to an international financial services group.

A company spokesperson told the news agency AWP that software development and back-office functions would increasingly be consolidated in international hubs. The comments followed a report by financial portal Finews.

Media reports said employees were informed about the measures on Friday morning. The precise restructuring plans are the subject of an ongoing consultation process that will run until September 20, the spokesperson said.

Bitcoin Suisse could not yet provide a specific figure for the number of jobs that would be eliminated at its headquarters in Zug.

Switzerland will remain the centre of the company’s customer-facing business, including customer advisory services, relationship management, wealth management and asset management.

The spokesperson said the restructuring was not a response to the Bitcoin market’s weakness in recent months, but part of a long-term growth strategy. The company pointed to licences obtained in recent months, including the EU’s MiCAR licence in Liechtenstein and licences in Abu Dhabi and Bermuda.