Block files to set up national trust bank
Block is the latest fintech to apply to establish its own federally regulated bank offering crypto custody services.
Jack Dorsey's payments company Block has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a federally regulated trust bank called Builders Bank & Trust. This proposed institution aims to provide custody services for Bitcoin and stablecoins under a consistent national framework as the company expands.
The bank would not accept deposits or issue loans, distinguishing it from a conventional commercial bank. Lee Woolley, Block's digital asset strategy lead, would serve as the bank's president and CEO, leveraging Block's digital asset operations and its experience with Square Financial Services. This initiative follows in the footsteps of other financial technology and crypto companies seeking national trust bank charters, with Ripple, Circle, BitGo, Kraken's parent Payward, and Zerohash also pursuing similar applications.
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- Jack Dorsey’s Block seeks US trust bank charter for Bitcoin, stablecoin cointelegraph.com
