Block Seeks OCC Approval for Bitcoin Custody Bank

Block, the payments company founded by Jack Dorsey, has submitted an application to establish Builders Bank & Trust as an uninsured national trust bank. The proposed bank would provide custody and fiduciary services for assets including Bitcoin and stablecoins without accepting deposits or making loans.

The OCC will review Block's application and determine whether to approve the charter. If approved, Builders Bank would operate under OCC supervision and give Block a national regulatory framework for certain custody activities that the company already offers.

Lee Woolley, who would serve as president and CEO of Builders Bank, stated, 'Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block's broader vision of economic empowerment.'