Bitcoin Suisse plans to cut as many as 60 jobs in Switzerland as the crypto firm moves more operations to international hubs. The proposed layoffs could reduce its Swiss workforce by half.
The Zug-based company employs about 120 people in Switzerland and is consulting employees on the cuts through Sept. 20. Bitcoin Suisse will keep its headquarters in Zug, which will remain its main center for wealth management.
Development Moves Offshore
Bitcoin Suisse plans to move software development and back-office work outside Switzerland. The company will close its development office in Copenhagen while expanding operations in Bratislava.
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The firm also plans to establish a new hub in Vietnam, although it has not disclosed its location, opening date or planned workforce.
Bitcoin Suisse has about 200 employees worldwide and held roughly CHF3 billion ($3.8 billion) in crypto assets. The restructuring shifts parts of its operations abroad while keeping its Swiss headquarters in Zug.
Crypto Firms Reduce Workforces
The restructuring comes as crypto companies reduce costs amid weaker digital-asset markets. Bitwise cut about 14% of its workforce in August, while the Ethereum Foundation eliminated 54 positions.
Yield Guild Games also cut 35 jobs, adding to recent workforce reductions across the industry.
The changes reflect efforts by crypto firms to reduce operating costs and adjust staffing as market conditions change.
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