CandleFocus Jack Dorsey's Square to Invest More in Bitcoin Mining and Shut Decentralized 'Web5' Venture
2024-11-07
Author: Content Editor
Payment firm Block, led by Jack Dorsey, plans to shift its focus towards building equipment for bitcoin miners and its self-custody wallet Bitkey, while stepping back from creating a decentralized internet called "Web5" and investing less in music streaming app Tidal. The decision comes as the company looks to invest in its bitcoin mining initiative, which has seen increased demand following Donald Trump's US presidential election win. Block reported third-quarter financial results, with revenue of $5.98 billion falling short of Wall Street estimates. The company's stock price dropped by up to 10% as a result.
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