Block Seeks Federally Regulated Trust Bank Charter for Bitcoin Custody
Block, the payments company founded by Jack Dorsey, has submitted an application to establish a federally regulated trust bank in the US. The proposed institution, called Builders Bank & Trust, would provide custody services for Bitcoin and stablecoins under OCC supervision.
The charter would give Block's custody operations a consistent national framework as the business expands. According to Lee Woolley, Block's digital asset strategy lead, who would serve as Builders Bank's president and CEO, the proposed institution would draw on Block's digital asset operations and its experience with Square Financial Services, the company's existing industrial bank.
The proposed bank would not accept deposits or make loans, separating it from a conventional commercial bank. This move joins other financial technology and crypto companies pursuing national trust bank charters, including Ripple, Circle, BitGo, Payward (Kraken parent), and Zerohash.