Bitcoin Suisse could cut as many as 60 of its 120 Swiss jobs. Finews reported that the crypto financial services firm plans to shift back-office, administrative and software roles to Bratislava and a new site planned in Vietnam.

Founded in Zug in 2013, Bitcoin Suisse built its business on crypto trading, custody, staking and lending, and now employs roughly 200 people worldwide.

Bitcoin Suisse held a town hall meeting in Zug on Friday to brief staff on the changes. The firm already runs a hub in Bratislava, and it confirmed plans to close its Copenhagen IT office.

Andrej Majcen, the firm’s Group CEO and co-founder, pointed to the wage gap between Switzerland and the two relocation markets as the main driver. He said the move reflects cost management, not weakness in cryptocurrency markets.

A ten day consultation process will decide how many roles are ultimately cut. Management expects the earliest departures to take effect by December.

Bitcoin Suisse’s headquarters stays in Zug. Majcen has ruled out a rebrand.

Featured image: Edited by Fintech News Switzerland, based on image by tigger11th via Magnific