Bitcoin Suisse plans to eliminate as many as 60 of its approximately 120 jobs in Switzerland as it reshapes itself into an internationally focused financial services group.

The planned reduction comes as the Swiss financial sector faces cuts across several institutions. UBS, Helvetia Baloise, Raiffeisen Switzerland, and Swiss Life have also announced or indicated significant workforce reductions.

Why is Bitcoin Suisse cutting jobs?

Bitcoin Suisse built its reputation through cryptocurrency trading and custody before expanding into staking and lending. The company now intends to focus more broadly on wealthy private clients, family offices, asset managers, and institutional investors, offering services that extend beyond crypto assets.

The company said the workforce reduction is part of that repositioning and is driven by cost and efficiency considerations rather than weakness in the cryptocurrency market. It also cited more efficient working methods and new technologies, including artificial intelligence, as factors affecting its staffing needs.

Back-office and administrative positions, as well as software development roles, are expected to be most affected. The positions being eliminated are planned to move to Bratislava or Vietnam, where Bitcoin Suisse intends to establish a new site over the coming years.

Zug, where Bitcoin Suisse was founded in 2013 by Niklas Nikolajsen, will remain the company’s headquarters, and the Bitcoin Suisse name will not change. Switzerland will continue to serve as the base for its “customer-facing business,” including client advisory, relationship management, and wealth and asset management for private and institutional clients.

Further details on the workforce plan were reported by Swissinfo.

International expansion

Bitcoin Suisse is preparing for its international expansion through additional regulatory approvals. Its European arm has secured a Markets in Crypto-Assets Regulation (MiCAR) license in Liechtenstein, according to the company’s announcement. MiCAR is the European Union’s framework for regulating crypto-asset markets and related service providers. The group has also obtained digital asset and investment licenses in Bermuda.

In July, its subsidiary BTCS (Middle East) Ltd. received a Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority, or FSRA. Bitcoin Suisse’s UAE licensing was also reported in Cryptopolitan.

The group currently custodies approximately $3.7 billion in crypto assets and ranks as the world’s fourth-largest staking operator.

The final number of eliminated positions will be determined after a consultation process scheduled to run until September 20. Employees were informed of the plan during a town hall meeting on Friday morning. The first layoffs are expected to take effect before the end of 2026.

Other Swiss financial institutions are also planning reductions. UBS intends to eliminate around 3,000 Swiss jobs. Helvetia Baloise plans to cut up to 1,200 positions following its merger, while Raiffeisen Switzerland has indicated that as many as 180 jobs could be affected. Swiss Life is expected to eliminate approximately 600 roles.

Source: Cryptopolitan.