Jack Dorsey and Block abandon Web5 to mine bitcoin
Block, the firm behind Cash App, announced in its Quarter 3 Shareholder Letter that it will be winding down TBD, it’s “Web5” initiative in order to “invest in our bitcoin mining initiative… and Bitkey, our self-custody wallet for Bitcoin.” TBD was split into two primary projects: “Web5,” which was described as “a new identity and trust layer for the internet,” and tbDEX, which was supposed to be focused on “reimagining global payments and commerce.” The “Web5” component was yet to be integrated into any significant projects, and the tbDEX project was yet to launch for any transactions. Cash App facilitates donations for extremist groups Read more: Block whistleblower says firm ignored compliance, allowed terror groups Ending these projects will apparently allow Square to focus resources on its bitcoin mining initiative, which earlier this year announced it had finished development of its own mining chip that it intends to supply to Core Scientific. It appare