Financial technology giant Block, Inc., the parent company of Cash App and Square, has laid off 931 employees—approximately 8% of its global workforce—according to a leaked internal message obtained and published by TechCrunch. The announcement was made in an email sent to employees by co-founder and CEO Jack Dorsey on Tuesday.

In the email, Dorsey outlined that the layoffs are part of broader organizational changes and not tied to financial issues or AI-driven automation. Rather, the move is aimed at streamlining the company’s structure, accelerating performance standards, and aligning with new strategic priorities.

Breakdown of Layoffs

According to Dorsey’s message, the job cuts fall into three categories:

• Strategy: 391 employees are being let go as part of strategic shifts within the company.
• Performance: The largest group—460 employees—are being cut due to underperformance or a trend toward underperformance based on internal metrics.
• Management Restructuring: 80 managerial roles have been eliminated to flatten the company’s hierarchy to what Dorsey calls “innercore+4,” meaning his direct reports and four levels below them. Additionally, 193 managers are being reassigned to individual contributor roles.

The company is also closing 748 open positions, with exceptions made for roles that are in the final stages of the hiring process or deemed critical to operations and leadership.

Not the First Cut

This is not the first significant round of layoffs at Block in recent months. In January 2024, the company reduced its workforce by about 1,000 employees. As of its most recent filing in December 2024, Block reported having roughly 11,300 employees globally.

Despite the magnitude of the layoffs, Dorsey emphasized that they are part of an effort to make the organization more agile and performance-focused.

“We are raising the bar and acting faster on performance,”

he wrote in the internal message, published by the leading tech media.

The full text of Jack Dorsey’s leaked email can be read in TechCrunch’s original publication here.

Block has not yet issued a public comment on the matter, TechCrunch reported.

Image by Mark Warner is licensed under CC BY-SA 2.0

Source: TechCrunch

Trump began by expressing his admiration for the Bitcoin community, acknowledging its rapid growth and technological achievements.

“I stand before you today filled with respect and admiration for what the Bitcoin community has achieved. It’s incredible,” he said.

He drew parallels between the early days of Bitcoin and the steel industry a century ago, suggesting that cryptocurrency is still in its infancy and has vast potential for growth.

One of Trump’s main arguments for embracing Bitcoin is its position as a leader in the global financial system. He noted Bitcoin’s remarkable rise in value and its current status as one of the most valuable assets in the world.

“In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world. Can you believe that?” Trump stated.

This perspective underscores his belief in the strategic importance of Bitcoin in maintaining America’s economic leadership.

Trump also emphasized the need for America to stay ahead in the global race for technological supremacy.

“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” he asserted.

This competitive edge, according to Trump, requires massive investments in infrastructure, including a significant increase in electricity production to support Bitcoin mining and other technological advancements.

One of the most striking aspects of Trump’s speech was his commitment to creating a favorable regulatory environment for cryptocurrency. He pledged to dismantle what he described as the Biden administration’s “war on crypto.” Trump criticized the current administration for targeting the crypto industry through regulatory measures and financial restrictions.

“For three and a half years, the current administration has waged a war on crypto and Bitcoin like nobody’s ever seen before,” he said, vowing to end this approach if re-elected.

In a significant policy announcement, Trump declared his intention to accept campaign donations in Bitcoin and other cryptocurrencies, making him the first major party nominee to do so. This move not only signals his support for the crypto community but also highlights his willingness to integrate digital currencies into mainstream political and economic activities.

Moreover, Trump outlined a comprehensive plan to support the crypto industry, including the creation of a Presidential Advisory Council for Bitcoin and Crypto to establish transparent regulatory guidance.

“Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days,” he promised.

This approach aims to provide clarity and stability for the crypto industry, fostering an environment where innovation can thrive.

Trump also addressed the issue of central bank digital currencies (CBDCs), explicitly stating his opposition to their development under his administration.

“There will never be a CBDC while I’m president of the United States,” he declared, emphasizing his commitment to preserving the decentralized nature of cryptocurrencies and protecting individual financial sovereignty.

In a move to boost Bitcoin mining in the United States, Trump proposed transforming the country into a global Bitcoin mining powerhouse. He highlighted the federal government’s significant holdings of Bitcoin and pledged to maintain and grow this stockpile as a strategic national asset.

“As the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he announced.

Trump’s speech also touched on the broader economic implications of embracing cryptocurrency. He argued that supporting the crypto industry would lead to economic growth, job creation, and technological innovation.

“As Bitcoin and crypto will grow our economy, cement American financial dominance and strengthen our entire country, long into the future,” he said,

envisioning a future where America leads the world in crypto and blockchain technology.

*Note: This article is based on excerpts from former President Donald Trump’s speech published on YouTube – Firstpost Channel 

Photo: Screenshot from the video

In a historic move, the U.S. Securities and Exchange Commission (SEC) has given the green light for the listing and trading of several spot bitcoin exchange-traded products (ETPs), marking a significant shift in its stance towards digital assets. This decision comes after a prolonged period of hesitation and disapprovals under the leadership of former Chair Jay Clayton.

🚨BREAKING🚨

Bitcoin ETFs Likely Approved by the SEC

It certainly looks like the #Bitcoin ETF Approval order had hit the SEC website but the link is no longer working. That said, this document looks accurate to me.https://t.co/NhJueWNPJ0 pic.twitter.com/W0ipnlg3j1

— James Seyffart (@JSeyff) January 10, 2024

The turning point for the SEC’s decision was a recent ruling by the U.S. Court of Appeals for the District of Columbia. The court criticized the Commission for failing to provide a satisfactory explanation for rejecting Grayscale’s proposed ETP*. This verdict led to the Commission reevaluating its position and ultimately approving the new ETP listings.

The SEC emphasizes that its approval is strictly limited to ETPs holding bitcoin and does not imply endorsement of bitcoin or any other crypto assets. The Commission remains clear that it is “merit neutral” and its primary focus is on ensuring investor protection and public interest under the guidelines of the Exchange Act and its regulations.

Today’s approval introduces stringent investor safeguards. Key measures include mandatory comprehensive disclosure for ETP sponsors, the requirement for these products to be listed on registered national securities exchanges, and the application of existing rules and standards of conduct in the purchase and sale of approved ETPs. This encompasses Regulation Best Interest for broker-dealers and a fiduciary duty under the Investment Advisers Act.

Furthermore, the SEC is concurrently reviewing registration statements for 10 spot bitcoin ETPs, aiming to level the playing field for issuers and foster fairness and competition in the market. This step echoes the Commission’s past experience in overseeing non-security commodity ETPs like precious metals, dating back to 2004.

Despite the approval, the Commission maintains a cautious stance, noting that bitcoin is predominantly a speculative and volatile asset associated with various illicit activities. It underscores that the approval of spot bitcoin ETP shares does not constitute an endorsement of bitcoin. Investors are advised to remain vigilant about the risks associated with bitcoin and crypto-related products.

The decision is a milestone in the evolving narrative of cryptocurrency regulation, reflecting the Commission’s commitment to adapting its approaches in the face of changing market dynamics while upholding its mandate to protect investors and the integrity of the securities markets.

AI generated image @ DeepInfra

The introduction of P2P payments is expected to enhance the functionality of X, creating new opportunities for commerce and showcasing the convenience of integrating multiple aspects of digital life into one place. This move positions X to compete with other established tech firms and financial services, including those like PayPal, which Elon Musk had a role in creating.

X’s focus on becoming an ‘everything app’ is not limited to P2P payments. The platform is also enhancing its user and advertising experience with the use of artificial intelligence (AI). This includes improvements in features like See Similar Posts and the introduction of See Dissimilar Posts, leveraging user activity to present content that aligns with or challenges their perspectives.

In addition to financial services, X continues to invest in creators and content partnerships, aiming to attract new users and fuel advertising efforts. The company emphasizes its commitment to being a major platform for influential and curious individuals worldwide, who use it to follow their passions and engage with various cultural events and movements.

Fintech valuations boomed in 2020 and 2021, but are now recovering amid a tightening of capital investment.

Augmentum, which backs UK challenger bank Monese, UK SME lender Iwoca and German technology rental platform Grover, said the value of its top 10 investments rose from £182m to £199m in the six months to the end of September.

Tim Levene, chief executive of Augmentum Fintech, said Augmentum had not invested in new start-ups during the period as the cost of investment was too high.

Augmentum increased its investment in Zopa, raising its stake from £30 million to £34 million,
and in Tide, from £36 million to £41 million. However, the value of its stake in Grover was reduced from £43 million to £41 million.

Augmentum’s Chairman, Levene, noted that the company refrained from making new investments in startups during the period due to elevated pricing.

He characterized 2023 as a “tale of two halves,” with the first half experiencing lower deal activity, but the second half witnessing an uptick with the emergence of higher-quality companies in the market.

Levene painted a cautiously upbeat picture moving forward but said that 2024 and 2025 could be “really strong vintages” for venture funds that get it right.

According to Reuters, the Israel-based company will not only make the cuts but also close some of its offices in Asia. The reason for this is a scandal involving a fake letter of credit used as collateral in a deal with an insurer.

The offices the company is expected to close are in Tokyo, Hong Kong and Seoul, but it will retain employees in Tel Aviv, New York, London, Dubai and Bermuda.

“In order to solidify the foundation of the company and reassure the industry, leadership must return its focus to core services while reducing overall costs, including parting ways with some of our employees”, Vesttoo said in an emailed statement to Reuters.

Vesttoo is currently conducting an internal and external analysis of the events leading up to the first fraudulent credential report. The size of the fintech company was 200 employees.

“These are painful, but important decisions that we must make at this time. Our focus remains on regaining our footing and emerging from this challenge stronger than before”, the company continued.

The scandal surrounding the fraud has changed and halted the company’s plans to raise about $200 million in late-stage funding that would have valued the firm at nearly $2 billion.

When selecting FinTech software, firms weigh a variety of factors including cost, scalability, potential for APIs, consistently high performance, compliance, security, and time to market. But the programming languages used most significantly influence these factors. Like anything else, programming languages have their advantages and disadvantages. Some of them improve performance, adaptability and security.

Today we’ve chosen to introduce you to key programming languages needed in the FinTech sector according to Analytics Insights.

Key Programming Languages in FinTech

Java
Being a well-known language with an extensive library of third-party components, Java is used in many Fintech systems because it facilitates the creation of complex Fintech software.

Python
Given that Python is among the most widely used programming languages, it is not surprising that it has had a dramatic impact on the Fintech sector. According to PyPI’s analysis of Google searches, Python is the most widely used programming language in the world.

Golang
Golang, commonly known as Go, is an open source programming language created by Google in 2009. It is quickly displacing other programming languages among fintech companies that need to launch soon and have a clear, scalable, and simple backend.

Ruby
Did you know that many startups in the digital finance sector use Ruby in combination with the Ruby on Rails framework for its productivity and ease of use? Some major reasons why developers prefer it are the security protections built into the framework and the simplicity of the language that saves time and money.

Scala
High-end distributed software systems used in financial products often process large amounts of data. Because it’s so productive and helps engineers shorten their source code, Scala is an excellent choice for processing them. There are at least two or three departures from Java. Additionally, the most popular Big Data frameworks that are vital to the FinTech sector have been developed using Scala.

It was a difficult period, but…

After ten years of monumental growth, fintech is experiencing its first more difficult period. Having already been hit by the tech downturn, layoffs, the cost-of-living crisis, and the looming recession, the news from the Wall Street Journal that fintech companies underperformed financials and tech stocks in 2022 makes for rather uncomfortable reading, which unfortunately wouldn’t surprise anyone familiar with it.

Vulnerability to high interest rates, the removal of pandemic catalysts and a focus on businesses that are profitable or have a clear path to profitability are some of the reasons for the poor performance of fintech stocks.

Fintech has already changed the business and personal finances of millions of people around the world. Alongside innovations that have improved legacy systems in banks, and B2B technologies that have increased security, privacy and risk for consumers, consider the millions of people with Revolut or Monzo cards in their wallets.

As well, we might consider the companies that have survived thanks to SME funding platforms, or for the merchants using digital payment devices. Fintech is having an even bigger impact in emerging markets through online money transfers, microloans and mobile payments.

According to experts, despite economic difficulties, fintech will continue to attract huge venture funding in 2023.

Fintech companies predispose healthier businesses

Now, more than ever, every dollar counts. Today, fintech companies can add tremendous value in improving companies’ financial back-office functions and run healthier businesses.

Crises create opportunities

More forecasts suggest that the current economic environment will make it difficult for fintech entrepreneurs to raise capital unless they can demonstrate attractiveness. At the same time, crises create opportunities. Entrepreneurs are using technology to help consumers pay their debts more efficiently, get faster mortgage approvals, and access BNPL’s services to manage their personal and/or business finances.
There’s always a chance for proper business

Although fintech stocks are down, there are still significant opportunities for successful businesses. The outliers and risks are those that can succeed in challenging economic conditions, those that create businesses designed for long-term growth and scale.

Nexo Pro is a game-changer for the individual trader as it introduces sophisticated tools – such as the advanced TWAP (Time-Weighted Average Price) orders used by large institutions – into the everyday trading stack of the non-technical user. In another industry-first, Nexo Pro combines its own order book with those of world-leading trading venues and market makers, to give users access to the broad market, both in a single user interface and via API.

Key features: 

• Efficient access to aggregated spot and futures liquidity from the 10+ biggest crypto trading venues, using a single account. Near-zero slippage of trade executions, both when buying and selling.
• Integration with all existing Nexo services (Earn, Spend, Borrow). Seamless transition from earning yield on cryptocurrencies to trading them, and vice-versa, with free and instant asset transfers.
• Limit and market orders as well as Take Profit and Stop Loss functionalities, with trailing, OCO, and Smart orders and many more to be added soon.
• Short and long margin* trading with up to 5x leverage on 90+ market pairs. ● Out-of-the-box strategies such as built-in TWAP orders and basis trading for enhanced alpha-generation.
• Perpetual futures contracts settled in USDT with the ability to open both long and short positions (incl. leverage) to place directional plays or hedge individual positions or entire portfolios.
• API gateways for advanced users – an additional interface to access deep liquidity.
• Reserves audited in real time, top-tier platform security, and $775M custodial insurance through partnerships with industry-leading custodians.

Nexo Pro is available globally in a single intuitive interface and through the REST & WebSocket APIs. Initially accessible on desktop, Nexo Pro will soon launch on mobile with a private beta of the Nexo Pro app.

“Nexo Pro is the result of a long exploration in the world of retail and institutional trading. We’ve tried and tested its underlying features – the best prices across 420 liquidity pools, the tightest bid/ask spread, near-zero slippage, automated TWAP and basis trading – as part of our institutional prime brokerage platform Nexo Prime. We are now passing this most advanced trading performance to our 5M+ customers at near zero cost and are set to revolutionize retail trading globally,” 

said Yasen Yankov, Nexo’s VP of Product Development.

“Nexo Pro is a gateway to professional-like trading for retail customers. We are the first platform to offer institutional-grade liquidity aggregation with this many venues as pure-play exchanges usually prefer to settle exclusively within their own order books. As a crypto lender, Nexo is able to source liquidity from 3,000 order books and guarantee our customers the best possible quote for their spot, margin, or futures trades, so they don’t have to go looking for it themselves. We expect Nexo Pro to quickly become the first choice for those striving to outperform the average trader, and do so in the most secure way,” 

said Kosta Kantchev, Co-Founder and Executive Chairman of Nexo.

With the launch of this advanced trading platform, Nexo – which now boasts over five million users – marks yet another milestone to solidify its position as the only 360-degree crypto super-app with wallet, lending, custody, and professional trading capabilities, among other verticals in its roadmap.

In the coming weeks, Nexo will introduce additional token utilities giving NEXO Token holders the ability to reduce trading fees and pay those using $NEXO. By building on top of its existing benefits (lower borrowing rates, higher savings yields, free withdrawals), the NEXO Token will combine the utilities of both exchange and lending tokens into a single asset, creating extraordinary value for holders. This upgrade will start a new chapter in the evolution of the token and set the stage for the next edition of Nexonomics, the company’s program aimed at driving value and utility for its native token.

So far in 2022, Nexo has launched the Nexo Card, a first-of-its-kind crypto-backed card in partnership with Mastercard and DiPocket; rolled out its institutional-grade trading and custody platform Nexo Prime; invested in over 50 early-stage web3 companies through Nexo Ventures. Looking ahead, Nexo will continue to expand its product lineup into new markets and uncharted, decentralized crypto territories.

*Margin and futures are subject to certain geographic limitations and eligibility criteria. 

Risk Disclosure and Important Information: The information provided in this release should not be regarded as investment or financial advice. Cryptocurrency trading combined with high market volatility may expose you to risk.

The Nexo Card is the first card in the world that allows users to spend without having to sell their digital assets. Nexo has teamed up with DiPocket, Nexo’s card issuer for the new offering in Europe, and Mastercard as the tech company and payment network, to offer various innovative features for the Nexo Card:

• Your Crypto Stays: The Nexo Card is linked to a Nexo-provided, crypto-backed credit line that starts and stays at 0% APR*. It allows cardholders to use their digital assets as collateral rather than selling them. The credit line is dynamic and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether.
• Zero Fees: The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to €20,000 per month.
• 2% Crypto Rewards: Every Nexo Card transaction is equipped with instant crypto cashback, paid out in Bitcoin or in Nexo’s native NEXO Token. This means users not only can retain ownership of their digital assets, but they also earn up to 2% back in free cryptocurrency with each purchase, which becomes automatically available in their Nexo account.
• Seamless Access: Available both in virtual and physical form, the Nexo Card comes with direct Apple Pay and Google Pay integrations. Cardholders can add the Nexo Card to their preferred mobile wallet from the Nexo Wallet App with a few taps. Additional virtual cards come at no cost.

Thanks to the advanced infrastructure provided by DiPocket and Mastercard, the Nexo Card will be accepted by 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the fiat value of their crypto in seconds without selling any of it.

Antoni Trenchev, Co-founder and Managing Partner at Nexo, commented:

“Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets. This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.”

Fedele Di Maggio, Co-founder and CEO at DiPocket, said:

“DiPocket is delighted to have been selected as the issuer of the Nexo Card, a truly innovative solution designed to fulfill the needs of millions of investors in digital assets. Our partnership in this project with Nexo and Mastercard is a distinctive example of how DiPocket’s embedded finance technology enables visionary companies to deliver value and convenience to their customers.”

Raj Dhamodharan, Mastercard’s Head of Crypto and Blockchain Products and Partnerships, said:

“Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading in innovation with programs like our partnership with Nexo to deliver people new and one-of-a-kind choices in how they pay and activate their crypto holdings. We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”

Earlier this year, Nexo completed a partial roll-out of the Nexo Card in select European countries, targeting a focus group that collectively generated extraordinary interest and transaction volume, proving there is high demand for this financial product. In the coming stages of the Nexo Card’s development, the company is planning to add a debit-type card functionality and expand the offering internationally, among many other upgrades.