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

In recent years, the financial technology sector has been making bank. Between 2018 and 2023, the rapidly growing "fintech" industry rose to over $39 billion in revenue, with projections to hit over $1.5 trillion by 2030. Fintech is a sweeping industry that offers money tech to financial institutions or individual users — and increasingly crypto services, itself a multi-billion dollar trade. But with crypto comes risk. A lot of risk. Despite some fintech tycoons' promises that crypto will enable "infinite growth," companies are brushing up against the limits of blockchain hype faster than they anticipated. The latest among them is Block, the financial service conglomerate owned by Twitter cofounder Jack Dorsey. Block encompasses massive fintech platforms like Cash App and Square, as well as more boutique crypto outfits like Bitkey, a digital crypto wallet started in 2023. Now the company is seeing brutal cuts. In an email titled "smaller block," according to TechCrunch, the company ... Read full article.