Block Inc. Joins Other Firms in Significant Workforce Reductions

Block laid off more than 1000 of its employees

#Block, the firm of Jack Dorsey, creator of the social media platform Twitter, has announced the removal of its employees from the firm. According to the information, the company has laid off more than 1000 of its staff members. Financial payment processing firm Block Inc. On behalf of the company, co-founder Jack Dorsey gave information about the firing of employees through one of his LinkedIn posts. 

Dorsey said in his note posted on LinkedIn that the firm has decided to fire employees who are not a good fit for the company. Here Jack wrote that we felt that some strict steps had to be taken for the welfare of the company, so we decided to take this decision immediately. Instead of arbitrarily blaming any employee, it is better to fire them immediately after explaining the situation of the company. Recently we have seen that AI integration leads to major layoffs on LinkedIn and stack overflow.

If reports are to be believed, the firm has fired a large number of its employees in a single day to streamline its operations. Employees of Block's Cash App, Foundational and Square branches were especially affected by this layoff. 

Let us tell you that the number of laid off employees is 10 percent of the total number of employees of the company. The company's announcement of layoffs comes at a time when the firm is working towards building a self-custody Bitcoin wallet. It is noteworthy that the firm has announced plans to launch its self-custody Bitcoin wallet in November.

Many crypto and blockchain firms made layoffs before the block

Cryptocurrency and blockchain firms have done mass layoffs in the last one year. Here the figures for 2023 show that well-known firms related to cryptocurrency have laid off a large number of their staff. Where the world's largest cryptocurrency exchange #Binance is also Block Inc. Like has shown the way out to its 1000 employees together. Similarly, in July last year, Solana Blockchain's game developer Automata had also laid off 190 of its 235 employees.

This is what blockchain analytics firm Chainalysis did in the month of October, when it decided to lay off 15% of its employees. Before the retrenchment, the number of #Chainalysis employees was 900, which came down to 765 after the termination of 135 employees. There was one thing common in all these firms, where the firms cited their weak operations as the main reason behind firing their employees. 

At present, there is a positive environment in the crypto market regarding spot Bitcoin ETF, as it has shown high trading volume on the inaugral day due to which investors and crypto exchanges are planning their further investments. But Block Inc. It is natural that this large number of layoffs in a big firm like this will have an impact on the crypto market.

Also Read: US Fed Meeting in 2024 Sparks Rate Cut Expectations