Jack Dorsey’s Block to Focus More on Bitcoin Mining Instead of TIDAL Investments
Block Inc., led by Jack Dorsey, is shifting its focus towards developing tools for Bitcoin miners and enhancing its self-custody crypto wallet, Bitkey. The company plans to reduce its investment in TIDAL, Jay-Z's music streaming platform, and wind down TBD, its Bitcoin-focused unit.
This shift coincides with Donald Trump's victory in the US presidential election, as he has expressed support for Bitcoin mining in the US and criticized the previous administration's stance on cryptocurrency. Block Inc. aims to invest in its bitcoin mining initiative and Bitkey, while also cutting costs and reallocating resources. This strategic move follows earlier layoffs at the company.
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