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Jack Dorsey's Block company adjusts its strategy: focusing on BTC Mining and Wallet businesses, reducing investments in Web5 and Tidal
Odaily Planet Daily News X Platform co-founder Jack Dorsey-led payment company Block (SQ) announced that it will refocus on the development of BTCMiner devices and self-hosted encryption Wallets. Part of the funding comes from abandoning its 'Web5' Decentralization Internet project and reducing investment in Tidal music streaming. This decision coincided with the news of Trump winning the US presidential election. Trump promised to create a more favorable environment for the cryptocurrency industry, including supporting BTC mining. Block's Q3 financial report showed a revenue of $5.98 billion, which did not meet Wall Street's expectations of $6.24 billion, resulting in a 10% drop in stock price.