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Jack Dorsey's Flailing Crypto Business Is Laying Off More Than 900 Employees


Published on 2025-03-27 14:21:02 - Futurism
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  • For the past few years, the financial technology sector has had it made. Between 2018 and 2023, the rapidly growing "FinTech" industry rose to over $39 billion in revenue, with projections to hit over $1.

Jack Dorsey's cryptocurrency business, Block, which includes the payment app Cash App and the music streaming service Tidal, is undergoing significant layoffs, cutting more than 900 jobs, which represents about 10% of its workforce. This decision comes as part of a broader cost-cutting strategy amid a challenging economic environment and a downturn in the cryptocurrency market. The layoffs are primarily affecting the company's Cash App and Square divisions. Block has been facing increased competition and regulatory scrutiny, alongside a general decline in crypto trading volumes. The company aims to refocus its efforts on core products and streamline operations to improve efficiency and profitability.

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[ https://www.msn.com/en-us/money/technology/jack-dorsey-s-flailing-crypto-business-is-laying-off-more-than-900-employees/ar-AA1BN93a ]
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