Bitcoin Suisse Cuts Up to 60 Swiss Jobs, Closes Copenhagen IT Site: 16 outlets compared

Zug job cuts

Reuters reported the Zug-based firm said its "Software development and back-office capabilities will increasingly be consolidated in our international hubs" as part of the shift.

The company also said it is closing its IT development site in Copenhagen, while keeping its headquarters in Zug as its main center for wealth management.

Outside Switzerland, Reuters said Bitcoin Suisse has an international hub in Bratislava and aims to establish another in Vietnam, and it also has offices in Liechtenstein, Abu Dhabi and Bermuda.

Majcen frames strategy

In comments cited by Finews, Group CEO and co-founder Andrej Majcen said cost was a key factor, telling the outlet that operating the affected services in Bratislava and Vietnam would be "significantly less expensive" than keeping them in Switzerland.

Majcen also framed the restructuring as strategy rather than a response to market conditions, saying it was "not a response to weakness in the crypto market" and instead part of Bitcoin Suisse’s plan to expand internationally and build a broader wealth and asset management business.

The Reuters report said the firm confirmed the job-cut plan after Swiss outlet Finews disclosed the reorganisation, and it said the staff reductions were due to take effect after the consultation period ending on September 20.