Bitcoin

Block

<div class="cryptonews"> 
 <p class="is-style-lead">Block, owned by Twitter founder Jack Dorsey, has laid off large-scale layoffs of more than 1,000 employees. </p> 
 <p>Block is reportedly terminating 10% of <a rel="dofollow" title="staff" href="https://thebittimes.com/tag/staff.html">staff</a> in a move meant to purge “a large number of teammates” to streamline operations, according to a memo seen by Business Insider. </p> 
 <p>The layoffs, which occurred throughout January, affected employees of the Cash App, Foundational and Square divisions, affecting approximately 10% of the <a rel="dofollow" title="staff" href="https://thebittimes.com/tag/staff.html">staff</a>, the report further specified.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“We decided it would be better to do at once rather than arbitrarily space them out, which didn’t seem fair to the individuals or to the company &lt;…&gt; When we know we need to take an action, we want to take it immediately, rather than let things linger on forever.”</p> <cite>Jack Dorsey, Block co-founder</cite>
 </blockquote> 
 <p>This is Block’s second wave of layoffs in two months: in December 2023, the company&nbsp;cut 40 people working on music streaming app Tidal.</p> 
 <p>Several former Block employees posted farewell messages on LinkedIn. Shayna Ballack, who worked as internal mobility manager,&nbsp;added that the firm had warned of cuts as far back as 2023.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“Am I surprised? Not entirely – the company gave us a heads up late last year that cuts were coming – but I certainly was hoping to the highest heavens that I, and my team, weren’t on the chopping block. Alas, the chopping block came calling.”</p> <cite>Shayna Ballack, former Block employee</cite>
 </blockquote> 
 <p>Dorsey’s company previously announced the launch of a division to develop the micropayment network ecosystem Lightning Network. The project received a succinct name, Block, and later opened pre-orders for the Bitcoin hardware wallet Bitkey in 85 countries.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Lightning is huge– fast, cheap bitcoin payments are the future, and we’re building the infrastructure to be a part of it.</p>— c = (@c_equals) March 2, 2023
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 <p>In January 2024, Dorsey, speaking to Bitcoin Magazine, noted the significance of Bitcoin for all humanity. In his opinion, the asset can contribute to “world peace.”</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Jack Dorsey backs bitcoin development with $5m investment 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/jack-dorsey-s-block-lays-off-10-of-staff-tbt78334.html">https://thebittimes.com/jack-dorsey-s-block-lays-off-10-of-staff-tbt78334.html</a></p>

Jack Dorsey’s Block lays off 10% of staff

TheBitTimes

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