Bitcoin Suisse plans to cut up to 60 jobs in Switzerland

Bitcoin Suisse is cutting up to 60 jobs in Switzerland Keystone-SDA

Bitcoin Suisse plans to cut up to half of its 120 Swiss jobs as it reorganises from a primarily Swiss crypto firm into an international financial services group.

A company spokesperson told the AWP news agency, following an earlier report on the financial portal Finews, that some of the changes were due to software development and back-office functions being consolidated within international hubs in future. According to media reports, staff were informed of the measures on Friday morning.

The exact details of the restructuring are now the subject of the ongoing consultation process, which will run until September 20, the spokesperson said. The company is currently unable to provide a specific figure regarding job losses at its headquarters in Zug.

Switzerland will remain the centre of “customer-facing business” in future, the spokesperson added. This includes client advisory services, relationship management, wealth and asset management. Software development and back-office functions, on the other hand, will increasingly be consolidated in the international hubs.

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The reorganisation is not a reaction to the weakness in the Bitcoin market, which has persisted for months, the Bitcoin Suisse spokesperson stressed. Rather, it is part of the long-term growth strategy.

He highlighted several licences obtained in recent months, including the European Union’s Micar licence in Liechtenstein, as well as licences in Abu Dhabi and the Bermudas.

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Translated from German, reviewed by an English Department journalist.