Block Seeks Banking Charter to Support Bitcoin Custody Services

Block Inc., the company behind Square and Cash App, has made a significant move by applying for a U.S. banking charter.

The application, submitted to the Office of the Comptroller of the Currency (OCC), aims to establish Builders Bank & Trust, N.A.

This would allow Block to offer federally regulated custody services and 'fiduciary services' for Bitcoin and stablecoins, if approved.

Block CEO Jack Dorsey has been a long-time advocate for making Bitcoin an everyday form of money.