Block Pursues National Trust Bank Charter to Custody Bitcoin and Stablecoins
Block aims to establish a national trust bank that would provide custody and related fiduciary services, including those for bitcoin and stablecoins, the company said in a Tuesday (Sept. 8) press release. Block said in the release that it submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders […] The post Block Pursues National Trust Bank Charter to…
Block, a leading digital asset company, is seeking to obtain a national trust bank charter from the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A. This charter would enable Block to provide custody and fiduciary services for bitcoin and stablecoins on a national scale, as the company continues to grow.
The proposed Builders Bank would operate as an uninsured national trust bank, focusing solely on custody services without accepting deposits or making loans. Lee Woolley, Block's digital asset strategy lead, will lead the new bank, bringing extensive experience from previous roles at Treasury Department Federal Credit Union, Northern Trust, and BNY Mellon.
Woolley expressed confidence in Builders Bank's ability to support Block's vision of economic empowerment and secure asset custody for customers. The push for bank charters among FinTech companies has gained momentum, as these institutions recognize the potential benefits in terms of compliance management and market competitiveness.
The OCC has been actively working to revitalize de novo chartering, receiving 40 applications in the last 18 months compared to just 48 applications over the previous 14 years. This trend reflects a healthy banking system, according to Jonathan V. Gould, the Comptroller of the Currency.
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