Block, the Bitcoin payments company founded by Jack Dorsey, is set to lay off approximately 10% of its workforce as part of a broader restructuring effort. The company has begun notifying employees of potential job cuts during its annual performance review process. This move is part of Block's 2024 restructuring plan aimed at enhancing efficiency and streamlining its product offerings. The restructuring focuses on integrating Block's peer-to-peer payment platform, Cash App, with its merchant services division, Square. The company is expected to release its quarterly financial report on February 26, which may provide further insights into the impact of these changes.