Key Takeaways
- Bitcoin Suisse is cutting up to 50% of its Zug workforce to move back-office functions to Slovakia and Vietnam.
- UBS and Swiss Life are also slashing thousands of Swiss roles as domestic costs pressure financial services.
- CEO Andrej Majcen plans to scale internationally beyond crypto using new licenses in Liechtenstein and Abu Dhabi.
Cost-Cutting Drives Relocation
Swiss cryptocurrency pioneer Bitcoin Suisse is restructuring its business model and expanding internationally, a strategic shift that could cost up to half of the jobs at its headquarters, the company confirmed.
The Zug-based firm plans to relocate a significant share of its back-office and administrative operations from Switzerland to lower-cost hubs in Bratislava, Slovakia, and Vietnam. According to a local report, the exact number of positions eliminated will depend on a mandatory 10-day consultation process. However, the first layoffs are scheduled to take effect before the end of the year.
Employees were informed of the restructuring during a town hall meeting on Sept. 11.
“In Bratislava and Vietnam, we can provide these services at significantly lower cost,” Group CEO and co-founder Andrej Majcen told the financial publication Finews.
Majcen emphasized that the move is driven by long-term strategy rather than market volatility. “We have a substantial cushion to weather this phase,” he said. “We are investing in growth, and Bitcoin Suisse is to become a global brand.”
Initially known for crypto trading and custody, the company has expanded into staking and lending. Its latest realignment aims to transform the firm from a regional crypto specialist into an international asset management provider catering to wealthy private clients, family offices, and institutional investors.
To support the pivot, Bitcoin Suisse has secured several international licenses this year, including a MiCAR license for its Liechtenstein subsidiary. The license allows it to operate across the European Economic Area via regulatory passporting.
Bitcoin Suisse has also secured approvals for digital asset and investment activities in Bermuda as well as full regulatory approval from financial authorities in Abu Dhabi.
Despite the domestic job cuts, the firm plans to maintain its headquarters in Zug, keep its corporate name, and retain its Swiss client-facing teams.
The announcement adds to a growing wave of financial sector retrenchment in Switzerland, following major workforce reductions announced by UBS, Helvetia Baloise, Raiffeisen Switzerland, and Swiss Life.
