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Jack Dorsey ’s Block is scale back its investment in TIDAL , the music streaming political program once owned by Jay - Z , according to ashareholder letteron Thursday . Block is also shutting down TBD , a Bitcoin - focused arm of the business that previously set out to build adecentralized internet , dubbed “ Web5 . ” These cuts will relinquish up the company to place in Bitcoin mining and its crypto wallet .
“ We are scaling back our investment in TIDAL and winding down TBD , ” say Block in the letter . “ This gives us way to invest in our bitcoin mining opening move , which has strong production market burst and a sizeable pipeline of need , and Bitkey , our self - hands notecase for bitcoin . ”
These are the later cost - cutting efforts at the troupe behind Square and Cash App . Block laid off staffers in late workweek , according toFortune , and apparently severalise employees not to discuss their board member , Jay - Z , in electronic mail or Slack messages .
