Block Scales Back TIDAL Investment to Focus on Bitcoin Mining Shutdown

CryptoBlockNews 8 November 2024, 10:54 published

Contents

1 Block Scales Back Investment in TIDAL and TBD to Focus on Bitcoin Mining and Crypto Wallet
- 1.1 Block Shifts Investment Priorities
  - 1.1.1 Reducing TIDAL and TBD Investment
- 1.2 Company’s Cost-Cutting Measures
  - 1.2.1 Recent Layoffs and Internal Guidelines

Block Scales Back Investment in TIDAL and TBD to Focus on Bitcoin Mining and Crypto Wallet

Block Shifts Investment Priorities

Reducing TIDAL and TBD Investment

Jack Dorsey’s Block is reallocating its resources by scaling back investments in TIDAL, the music streaming platform formerly owned by Jay-Z, and shutting down TBD, a Bitcoin-focused venture. This strategic decision aims to refocus on Bitcoin mining and the development of the Bitkey crypto wallet.

Company’s Cost-Cutting Measures

Recent Layoffs and Internal Guidelines

In an effort to streamline operations, Block recently downsized its workforce, as reported by Fortune. Additionally, employees have been advised against mentioning Jay-Z, a member of the board, in their electronic communications. These actions are part of Block’s wider cost-cutting strategy.