Jack Dorsey's Block announced in a shareholder letter that it is scaling back its investment in TIDAL and shutting down TBD, freeing resources to focus on Bitcoin mining and its crypto wallet.
'We are scaling back our investment in TIDAL and winding down TBD,' said Block in 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 moves come as part of a broader strategy to manage costs at Block, which has recently laid off staff and directed employees to avoid discussing board member Jay-Z in internal communications.
Collection
[
|
...
]