Jack Dorsey’s Block is scaling again its funding in TIDAL, the music streaming platform as soon as owned by Jay-Z, in accordance with a shareholder letter on Thursday. Block can be shutting down TBD, a Bitcoin-focused arm of the enterprise that beforehand got down to construct a decentralized web, dubbed “Web5.” These cuts will liberate the corporate to put money into Bitcoin mining and its crypto pockets.
“We are scaling back our investment in TIDAL and winding down TBD,” mentioned Block within the letter. “This gives us room to invest in our bitcoin mining initiative, which has strong product market fit and a healthy pipeline of demand, and Bitkey, our self-custody wallet for bitcoin.”
These are the most recent cost-cutting efforts on the firm behind Square and Cash App. Block laid off staffers in current weeks, in accordance with Fortune, and apparently instructed workers to not talk about their board member, Jay-Z, in emails or Slack messages.
