Bitcoin Suisse cuts 60 Swiss jobs, shifts back-office to Slovakia, Vietnam
In brief
- Bitcoin Suisse relocates back-office and IT roles to Slovakia and Vietnam, cutting 60 Swiss jobs
- Restructuring eliminates roughly half of the firm's 120-person Swiss workforce
- CEO frames move as offensive growth strategy, not defensive market reaction
- Firm now manages over $3 billion in digital assets across multiple jurisdictions
The Shift Overseas
Bitcoin Suisse is cutting up to 60 positions in Switzerland, representing roughly half of its Swiss headcount. The company's IT development office in Copenhagen is also closing. A consultation period with affected employees runs through September 20, 2026.
The restructuring reflects a broader cost calculus. Switzerland remains one of the most expensive places in the world to employ software developers and back-office staff. Bratislava has become a favored nearshoring destination for European financial services firms, while Vietnam offers even steeper labor cost advantages for technical roles.
From Crypto Valley to Global Player
Founded in 2013, Bitcoin Suisse was one of the original inhabitants of Crypto Valley, the cluster of blockchain companies in Zug. That identity is shifting. Bitcoin Suisse now manages over $3 billion in digital assets under custody and has secured licenses in Liechtenstein, Bermuda, Abu Dhabi, and other jurisdictions in recent years.
With roughly 200 employees globally, the post-restructuring headcount in Switzerland will drop to around 60, though client-facing roles in Zug remain intact.
CEO Andrej Majcen framed the restructuring as an offensive play rather than a defensive one. The move is about international growth, not a reaction to crypto market conditions, according to Majcen.
A Sector-Wide Trend
Bitcoin Suisse's shift is emblematic of a larger pattern. As the sector matures and regulatory frameworks solidify in multiple jurisdictions, companies are distributing their operations globally rather than clustering in a single high-cost hub. Seba Bank and Sygnum, both Swiss-licensed, have been expanding their institutional offerings in crypto wealth management, competing for the same institutional client base.
The move signals that Swiss crypto firms can no longer rely on geographic proximity and regulatory prestige alone. They must optimize costs and scale operations across borders to compete globally.
