Jack Dorsey's Square will increase its investment in Bitcoin mining and shut down its previous "Web5" project

2024-11-08 08:56:31

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ChainCatcher news, according to The Block, Twitter co-founder Jack Dorsey's payment company Block (SQ) plans to refocus on building devices for Bitcoin (BTC) miners and its self-custody crypto wallet, with part of the funding coming from abandoning the creation of a new decentralized internet known as "Web5" (established in June 2022) and reducing investment in the music streaming app Tidal.

This decision was announced in the same week that Trump won the U.S. presidential election, where he promised to provide a more crypto-friendly environment in the U.S., with Bitcoin mining being one of the industries he pledged to support during his campaign.

In addition to a letter to shareholders, Block also released its third-quarter financial results on Thursday. According to FactSet data, the company's revenue was $5.98 billion, below Wall Street analysts' average expectation of $6.24 billion. Subsequently, the company's stock price fell by as much as 10%.

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