On November 8th, COINOTAG News reported that Block (SQ), the payment venture established by Twitter co-founder Jack Dorsey, is shifting its focus towards developing hardware wallets tailored for Bitcoin (BTC) miners. The initiative includes plans for a self-custody crypto wallet, powered in part by reallocating resources previously devoted to the ambitious “Web5” project, which was unveiled in June 2022. This strategic pivot coincided with a significant political event, as newly elected President Trump emphasized a commitment to nurturing a more crypto-friendly regulatory framework in the United States, bolstering sectors like Bitcoin mining. Furthermore, Block shared its third-quarter results, revealing revenues of $5.98 billion, which unfortunately fell short of the analysts’ expectation of $6.24 billion as reported by FactSet. As a consequence, the company’s stock experienced a notable dip, plummeting 10% during the trading session.
Timely, reliable coverage of breaking news, insights, and analyses on Bitcoin and cryptocurrencies since 2018.
Disclaimer: The information provided on COINOTAG NEWS is for informational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a financial advisor before making any investment decisions.
© COINOTAG News 2024