Block Seeks National Trust Bank Charter for Bitcoin Custody
Block, the company behind Cash App and Square, is seeking to establish a national trust bank that would allow it to custody Bitcoin and stablecoins. According to a press release from September 8, Block has submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank & Trust, N.A.
The new bank would provide a consistent national framework for Block's custody and related fiduciary activities as its business scales. It would also establish a federal supervisory framework for certain custody and related activities already offered by Block.
Builders Bank would be led by Lee Woolley, who currently serves as digital asset strategy lead at Block and has extensive experience in the banking industry. Woolley believes that Builders Bank is well positioned to support Block's broader vision of economic empowerment.