Bitcoin Suisse Targets Middle East and Europe Expansion

Bitcoin Suisse Targets Middle East and Europe Expansion

After a slump in 2023, Bitcoin Suisse is back on the path to profitability. The Zug-based company now aims to replicate its success in Switzerland abroad. CEO Andrej Majcen is tackling challenges on multiple fronts.

You could hardly wish for a better start as CEO. After a net loss of 13 million Swiss francs last year, Bitcoin Suisse reported an unaudited net profit of 17.2 million Swiss francs in the first quarter of 2024, more than offsetting the previous year's losses.

Andrej Majcen is cautious not to overstate the achievement. He has only been operationally leading the cryptocurrency financial services provider since January. The company had to make significant sacrifices to return to profitability. «We benefited from the positive market environment,» Majcen said, «but we also did our homework and reduced our cost base.» This included ending most of their external contracts.

First Middle East and Europe, then Asia

Bitcoin Suisse is now agile again, a necessity for further growth. According to Majcen, opportunities lie abroad. «We want to replicate our success in Switzerland internationally,» he said.

Bitcoin Suisse has a location in Liechtenstein since 2019, facilitating access to the European market through the EU's MiCAR regulation. Simultaneously, it is establishing a presence in Abu Dhabi, responding to the high demand for crypto financial services in the Middle East. In Europe, the company will focus on the DACH region, Benelux countries, France, and the Nordics.

Leveraging Swiss Advantages

The strategy is clear: first the Middle East and Europe, then Asia. Majcen sees good chances for success. «We've been in the market for eleven years. We're based in Switzerland. All this works in our favor,» he said.

Advancing their business in Switzerland while expanding internationally presents a significant challenge for the new CEO. Andrej Majcen is well aware of this. As a founding member of Bitcoin Suisse, he has been closely involved with previous CEOs. «It was an intense and very instructive time,» he said. He's also learned what it takes to streamline a company.