Bitcoin Suisse announces international expansion with 50% Switzerland job cuts

Bitcoin Suisse, in an effort to reshape itself into an internationally focused financial services group, plans to eliminate as many as 60 of its roughly 120 jobs in Switzerland.

The Swiss financial workforce is taking a hit on multiple fronts, with Bitcoin Suisse cutting up to 60 of its roughly 120 Swiss jobs while UBS, Helvetia Baloise, Raiffeisen Switzerland, and Swiss Life also plan significant layoffs. 

Why is Bitcoin Suisse cutting its workforce?

Bitcoin Suisse has announced that it will be eliminating as many as 60 of its roughly 120 roles. The company initially built its reputation on cryptocurrency trading and custody before adding staking and lending. 

Now, it intends to serve wealthy private clients, family offices, asset managers, and institutional investors with services that reach beyond crypto, and the shrinking of its workforce is integral to that.

The jobs that will be most affected by this cut are in back-office and administrative work, along with software development. 

The eliminated roles are set to be moved to either Bratislava or Vietnam, where Bitcoin Suisse intends to build a new site over the coming years. 

Rather than weakness in the crypto market, the company says the cuts are about cost and efficiency. The firm also pointed out that there are more efficient working methods and new technology, including artificial intelligence, which changes how many people it needs. 

Zug, where the company was founded in 2013 by Niklas Nikolajsen, remains the headquarters, and the Bitcoin Suisse name is not changing. The company says Switzerland will stay the base for its “customer-facing business,” which includes client advisory, relationship management, and wealth and asset management for private and institutional clients.

Is Bitcoin Suisse ready to serve international clients? 

In preparation for its international ambitions, Bitcoin Suisse’s European arm has secured a MiCAR license in Liechtenstein. The group has won digital asset and investment licenses in Bermuda, and in July, its subsidiary BTCS (Middle East) Ltd. received a Financial Services Permission from Abu Dhabi’s FSRA. 

Currently, the group custodies about $3.7 billion in crypto assets and ranks as the fourth-largest staking operator globally.

The exact number of eliminated roles will only be settled after a consultation process that runs until September 20. Staff learned of the plan at a town hall on Friday morning, and the first layoffs are due to take effect before the end of 2026.

Notably, UBS is planning to shed around 3,000 Swiss jobs. Helvetia Baloise plans to cut up to 1,200 positions after its merger. Raiffeisen Switzerland has flagged up to 180 cuts, and Swiss Life is expected to eliminate roughly 600 roles.