Block Seeks National Trust Bank Charter for Digital Asset Custody

Block, Inc., the parent company of Square and Cash App, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank focused on digital asset custody.

The proposed institution, Builders Bank & Trust, N.A., would be an uninsured national trust bank supervised by the OCC. It would offer custody and related fiduciary services for bitcoin and stablecoins but would not take deposits or make loans.

Lee Woolley, currently Digital Asset Strategy Lead at Block, would serve as president and chief executive of the new bank. He has over two decades of experience in banking and financial services.