Block Inc., Jack Dorsey’s payments and infrastructure company, is shifting its focus to develop new tools for Bitcoin miners and enhance its self-custody crypto wallet. The firm plans to reduce its investment in TIDAL, Jay-Z’s music streaming platform, and wind down TBD, its Bitcoin-focused unit aimed at creating a decentralized internet called “Web5.” Additionally, Dorsey’s shareholder letter highlights the company’s investment in Bitcoin mining and Bitkey, a self-custodial Bitcoin wallet.
These changes follow the recent cost-cutting efforts, including layoffs at the firm, and come amid a more crypto-friendly environment in the US under President Joe Biden.
