In line with the previously disclosed plan to cut staff by as much as 10% by the end of 2024, blockchain and payments firm, Block Inc., led by Twitter founder Jack Dorsey, has initiated a series of layoffs and reorganizing measures this week, according to a confirmation by the company to CoinDesk.

Block Inc., which encompasses Square Inc., Cash App, Tidal, and the bitcoin-focused division TBD, had announced during an earnings call last year that it would reduce its headcount from 13,000 in the third quarter of 2023 to a maximum of 12,000 by the end of this year.

The decision to downsize was prompted by the recognition that the company's growth had outpaced its business and revenue, as stated by Dorsey himself in a memo to Block staff obtained by Business Insider in November.

Although the exact size of the most recent layoffs was not disclosed, the company assured that its overall targets remained unchanged and would be achieved gradually through various performance adjustments and reorganizational efforts.

Formerly known as Square, Block Inc. underwent a rebranding in 2021 to underscore its commitment to blockchain technology. Despite stepping down from his CEO role at Twitter last year, Dorsey continued to be associated with Block Inc., where he consistently advocated for bitcoin.

The ongoing layoffs and restructuring measures indicate the company's proactive approach in aligning its workforce with its business goals and maintaining financial stability. As Block Inc. navigates these changes, the industry will closely observe the impact on its operations and future growth prospects.

By implementing these measures, Block Inc. aims to optimize its operations, streamline its workforce, and position itself for sustainable growth in the evolving field of blockchain and payments technology.