PANews reported on February 8 that, according to Cointelegraph, Block, the Bitcoin payments company founded by Jack Dorsey, is undergoing a broader restructuring and has begun notifying hundreds of employees that their positions may be eliminated during the annual performance review. It is understood that the layoffs may reach about 10%.
Block Inc. launched a restructuring plan in 2024 aimed at improving efficiency and streamlining its product line. The company is working to more closely integrate its peer-to-peer payment platform, Cash App, with its merchant services division, Square. Block is reportedly scheduled to release its quarterly financial report on February 26.
