Block

Block is currently focused on “growing within the US, not expanding into new markets”.

The cuts are to be actioned with immediate effect, according to a staff memo from Dorsey.

Cash App had been pursuing a VASP licence in the country since 2021.

The deal is thought to complement Block’s 2021 acquisition of Jay Z’s music streaming service Tidal.

The move is part of Block’s plans to reduce brand spending.