Swiss Crypto Firm Bitcoin Suisse Plans to Relocate Half of Domestic Workforce Overseas
The cryptocurrency financial services provider headquartered in Switzerland intends to relocate back-office operations to international locations with reduced costs while simultaneously growing its worldwide wealth management and asset management services, as reported by Finews.
Bitcoin Suisse is preparing to relocate as many as half of its Switzerland-based workforce to international destinations as the cryptocurrency financial services provider broadens its operations on a global scale.
Established in Zug in 2013, the firm offers services including crypto trading, custody solutions, staking capabilities and lending products. The organizational restructuring has the potential to impact as many as 60 out of the firm's 120 Switzerland-based employees, with the majority holding back-office and administrative positions, based on a Friday publication from Swiss financial news outlet Finews.
The impacted operations are anticipated to be transferred to cost-efficient hubs located in Bratislava and Vietnam, with Bitcoin Suisse planning to open a new facility in the latter country over the upcoming years. Chief Executive Officer Andrej Majcen identified cost reduction as a primary driver behind the relocation decision, stating to Finews that running the impacted operations in these two nations would result in substantially lower expenses.
Majcen further explained that the organizational restructuring should not be interpreted as a reaction to declining conditions in the cryptocurrency marketplace, but rather represents a component of Bitcoin Suisse's strategic approach to grow its international presence and develop a more comprehensive wealth management and asset management operation.
During June, the firm announced its intention to extend its reach beyond the Swiss marketplace, focusing on institutional clients, family offices, asset management firms and high-net-worth individuals as elements of its transformation into a global wealth management platform.
Bitcoin Suisse additionally obtained regulatory licenses in Liechtenstein and Bermuda during the earlier months of this year, while the company's Middle East division was granted complete regulatory authorization in Abu Dhabi during July.