Twitter co-founder Jack Dorsey's payments company, Block (SQ), plans to refocus on building devices for Bitcoin (BTC) miners and its self-hosted crypto wallet, partly funded by abandoning the creation of a new decentralized internet dubbed "Web5" (launched in June 2022) and reducing its investment in music streaming app Tidal.
The decision was announced the same week that Trump won the US Presidential Election, promising to provide a more friendly environment for cryptocurrencies in the United States. Bitcoin mining is an industry he promised to support during the campaign.
In addition to the letter to shareholders, Block on Thursday also reported third-quarter financial results. The company's revenue was $5.98 billion, according to FactSet, below the average Wall Street analyst estimate of $6.24 billion. Shares in the company have since fallen as much as 10 percent.
Jack Dorsey's Square to increase investment in bitcoin mining and shut down previous "Web5" project
2024-11-07 23:56:40
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