Bitcoin Suisse, which holds more than $3 billion in digital assets under custody, plans to eliminate up to 60 jobs in Switzerland as the crypto financial services company moves more software development and back-office operations overseas.

The planned reductions would affect up to half of the company’s Swiss workforce. The Zug-based firm employs about 200 people globally and is also closing its information technology development site in Copenhagen. Bitcoin Suisse already operates a hub in Bratislava and plans to establish another in Vietnam.

“​In Bratislava and Vietnam, we can provide these services at significantly lower cost,” CEO and co-founder Andrej Majcen told Swiss outlet Finews, which first reported the restructuring.

Majcen said the decision was part of Bitcoin Suisse’s international growth strategy and was not related to difficult conditions in the crypto market.

Founded in 2013, Bitcoin Suisse provides crypto trading, custody, staking and lending services. The company now plans to expand beyond crypto into broader wealth and asset management services for wealthy individuals and institutional clients, Majcen told Finews.

Bitcoin Suisse has started securing the licenses needed to support that expansion. In June, its Liechtenstein subsidiary received authorization under the European Union’s Markets in Crypto-Assets framework, allowing it to serve clients in selected European Economic Area markets. The authorization provides the regulatory basis for part of the company’s planned expansion beyond its existing crypto-focused services.

The restructuring will be measured against both developments: the shift of selected operating functions to lower-cost locations and the company’s effort to build a broader offering for wealthy and institutional clients.

Source: CryptoNews.net