Block Inc. shifts focus from Web5 and TIDAL to Bitcoin mining tools and Bitkey wallet
Jack Dorsey's new priorities
Jack Dorsey’s fintech company, Block Inc., is winding down its decentralized internet project, TBD Web5, and reducing investments in the TIDAL music streaming platform to focus on developing tools for Bitcoin miners and improving its self-custody wallet.
This shift in priorities, as reported by Coinscreed, was detailed in a recent letter from Block Inc. to its shareholders.
The company’s refocusing announcement came shortly after Donald Trump’s election victory. In June of this year, Trump met privately with leaders of major Bitcoin mining companies, including Marathon Digital and Riot Platforms.
Trump promises support for Bitcoin miners
During the meeting, the then-presidential candidate criticized the Biden administration’s stance on cryptocurrency and expressed his support for Bitcoin miners. Trump later stated that Bitcoin mining should take place in the U.S., seeing it as a step toward energy independence.
According to the shareholder letter, Block Inc. now plans to allocate additional resources to Bitkey, its self-custody Bitcoin wallet, launched in December 2023.
Read also: Hut 8 purchases 31,000 miners, aiming to boost hashrate by 66%
