Jack Dorsey’s payments and blockchain infrastructure company, Block Inc., is shifting its focus to develop new tools for Bitcoin miners and enhance its self-custody crypto wallet. According to the latest shareholder letter, the firm plans to reduce its investment in TIDAL, Jay-Z’s former music streaming platform, while also winding down TBD, its Bitcoin-focused unit that...Read More
Financial technology conglomerate Block, owned by X co-founder Jack Dorsey, has decided to invest 10% of all profits made from bitcoin-related products in monthly BTC purchases. Speaking to shareholders in a Q1 2024 earnings report, Dorsey outlined several reasons for the decision, addressing investors’ concerns about why Block is so focused on the largest cryptocurrency....Read More
According to a report released by NBC on Wednesday, U.S. prosecutors are investigating Block, a company featuring cryptocurrency services co-founded by Twitter co-founder Jack Dorsey. The allegations against the company involve accusations of processing transactions linked to sanctioned countries and potentially even individuals associated with terrorist activities. Former Employee Alleges Compliance Failures at Block During...Read More
Jack Dorsey’s fintech company Block Inc. announced on Tuesday that it has completed the development of its advanced Bitcoin mining chip, marking an important milestone for the firm’s mining project. Decentralizing Bitcoin Mining Per a statement shared by Dorsey over Twitter, Block’s three nanometre (3mn) Bitcoin mining chip is now in the process is completing...Read More
Block, led by CEO Jack Dorsey, announced $66 million in gross profit from selling Bitcoin through its Cash App in the fourth quarter of last year. This marks a 90% increase from the previous year, according to the company’s earnings report released on Feb. 22. Block’s Bitcoin Revenue Soars to $2.5 Billion The report revealed...Read More
Block Inc., a fintech company co-founded by former Twitter CEO Jack Dorsey, has laid off some of its employees, making it the second time in two months that the company is cutting down on its workforce. The cuts are in line with a previous statement by Dorsey, who said that the firm is aiming to...Read More
In a recent interview, Jack Dorsey and Luke Dashjr shared their insights on the current state and future trajectory of Bitcoin. The interview also shed light on Ocean Mining’s innovative efforts to combat the centralization of mining pools. Bitcoin’s Journey and Future When asked about their general impression of Bitcoin’s journey so far, Dashjr remarked...Read More
Jack Dorsey’s Block has announced the full, global rollout of Bitkey – the firm’s self-custodial Bitcoin (BTC) wallet – in a bid to encourage HODLers to take full control of their coins. “Move your Bitcoin off the exchanges,” said Dorsey via X (formerly Twitter) on Thursday, attaching a link to Bitkey’s website which is currently...Read More
On Nov. 28, Mummolin announced that it had raised $6.2 million in seed funding led by Jack Dorsey for its new initiative called OCEAN, which aims to decentralize Bitcoin mining. OCEAN is launching as a transparent, non-custodial Bitcoin mining pool where miners get paid directly from the coinbase transaction instead of pools controlling funds. This...Read More
The crypto space is constantly evolving, with new ideas and projects emerging now and then. The steady growth is attracting more people and, in turn, giving top names in the industry more influence. Crypto tax software firm CoinLedger has compiled a list of the most popular personalities in the digital asset industry using their respective...Read More
Shares for Jack Dorsey’s fintech giant Block (SQ) surged by 12% to $49.19 on Friday after the company published bullish third-quarter earnings figures a day prior. That includes increased Bitcoin revenue at the company’s payment subsidiary, Cash App, which reeled in 37% more income than during the same period last year. Block is Back Per...Read More
The payment technology firm Block (formerly known as Square) revealed that its bitcoin revenue for the second quarter was approximately 34% more than the figure reported in Q2, 2022. The company, spearheaded by Twitter’s former CEO Jack Dorsey, is a main player on the crypto scene, owning over 8,000 BTC. Q2’s Solid Numbers Block revealed that its...Read More
Twitter co-founder Jack Dorsey pressed Coinbase CEO Brian Armstrong on Wednesday over his alleged refusal to acknowledge the power of Bitcoin’s lightning network – a layer-2 scaling solution designed to make BTC easier to spend. His question sparked an online debate about the benefits and limitations of lightning in the payments realm, compared to other...Read More
Block CEO Jack Dorsey is putting Apple CEO Tim Cook on blast for seemingly not supporting Bitcoin payments, per the app store’s policies. His comments follow Apple’s recent confirmation that it would be pulling the Bitcoin-based social app, Damus, from its marketplace. Apple’s Crackdown On Bitcoin Damus is a decentralized social media app for interacting...Read More
Billionaire Twitter co-founder Jack Dorsey plans to allocate more capital to the Bitcoin ecosystem after pledging $5 million to the network’s core developers through his grantmaking organization Start Small. The firm will distribute the funds to the Bitcoin development non-profit, Brink, over the next five years in $1 million annual installments. According to its website,...Read More
Apple has issued a warning to the decentralized social networking company, Damus with expulsion from the App Store if it does not remove a feature that enables Bitcoin payments. Damus, which is based on top of a decentralized social media protocol Nostr, was developed as a Twitter alternative and is backed by Jack Dorsey. Since...Read More
In the heat of SEC’s enforcement actions against Binance and Coinbase, a simple “Yes” by Jack Dorsey on Twitter elicited a flurry of comments. It all started when a Twitter user asked Dorsey if he thinks Ether is a security, to which he answered in the affirmative. Jack Dorsey’s Ether Rant A known Bitcoin supporter,...Read More
Quarterly earnings reports are starting to pour in across the financial sector, and with them, updates on the state of crypto adoption across the industry. Although some companies are, understandably, still feeling the chill of crypto winter, even those are doing better than expected by analysts. In the case of firms with other priorities who...Read More
Bob Lee – Cash App founder and former CTO of Jack Dorsey-owned Block – has been identified as the victim of a fatal stabbing near downtown San Francisco. The incident is being investigated by the SFPD Homicide. According to a report, Lee, 43, died after being found stabbed on the 400 block of Main Street...Read More
After a 2-year investigation, Hindenburg concluded Block (previously known as Square) “systematically took advantage of the demographics it claims to be helping.” The report accused the firm of facilitating “fraud against consumers and the government” as well as “avoiding regulation.” It further called Block’s loans and fees to be “predatory” in nature and designed to...Read More
Block (formerly known as Square) – an American multinational technology conglomerate founded by Jack Dorsey – disclosed $1.83 billion of bitcoin revenue generated from its Cash App payment service in Q4, 2022. The figure was nearly $2 billion in the fourth quarter of 2021, and the company blamed the decline of the crypto market for...Read More
Elon Musk and Jack Dorsey shared direct messages about creating a more decentralized version of Twitter shortly before Dorsey exited its board of directors earlier this year. Those messages have now been publicly shared as part of a legal discovery process in Elon Musk’s battle to refrain from buying the social media platform. Here’s what...Read More
Former Twitter CEO Jack Dorsey’s latest tweet did not sit well with the Cardano creator, Charles Hoskinson, who squarely aimed at the Bitcoin proponent and said the Merge will kick off an “era” where all proof-of-stake (PoS) networks will be unfairly categorized as being similar to Ethereum. His tweet read, “Now begins the Era of...Read More
The first iteration of The Bitcoin Academy – Jack Dorsey and Jay Z’ (Shawn Carters) ‘s Bitcoin education program – has come to a close. After 12 weeks, the initiative ended by airdropping $1000 in Bitcoin to all participants who opted to receive a grant. Jack and Jay Z’s Parting Gift As reported by Business...Read More
American digital payments company Block Inc.’s second-quarter (Q2) revenue dropped by 6% year-over-year (YOY) to $4.4 billion. Although the numbers still topped Wall Street’s expectations of $4.35 billion, it suffered a loss of $208 million during the quarter, the Associated Press reported. Following the Q2 results, Block shares slipped 5.35% to $84.90 in after-hours trading on...Read More
TBD – one of the Bitcoin business units at Jack Dorsey’s Block – has launched an “extra decentralized web platform” called “Web 5”. The platform’s goal is to decentralize data storage and put users back in control of their identity – by leveraging the Bitcoin blockchain. The Future of Data Storage? According to TBD’s website,...Read More
Block Head Jack Dorsey is teaming up with the famous hip-hop artist JAY-Z to fund Bitcoin education for the latter’s hometown. With a series of free classes on the subject, they intend to inform residents of Marcy Houses in Brooklyn, New York why they should care about the primary cryptocurrency. The Bitcoin Academy The educational...Read More
After Twitter’s 2022 meeting of shareholders on Wednesday, Jack Dorsey stepped down from the company‘s board of directors. This means that all of the social media giant’s founders have severed their official ties with the business. Dorsey, Elon, and the Board Back in December, Dorsey stepped down as Twitter’s CEO to be replaced by Parag...Read More
More than 10 million people have now bought Bitcoin using Jack Dorsey’s CashApp, according to Block’s Q1 2022 shareholder letter. The app generated $624 million in gross profit for the company over that time, $43 million of which came from Bitcoin sales. Expanding Bitcoin Access The company states that it is focused on expanding awareness...Read More
On Block’s Investor Day, the outspoken CEO Jack Dorsey revealed his ambition of expanding the payment company into a digital giant with footprints across multiple dimensions and reiterated its unshaken faith in the future of blockchain technology and Bitcoin. He argued that BTC is the only candidate for the money of the Internet. Block Ecosystem...Read More
