Block Seeks OCC Approval for Bitcoin Custody Services

Block Inc., led by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. The proposed entity, Builders Bank & Trust, N.A., would offer custody and fiduciary services for Bitcoin and stablecoins under OCC supervision.

The application is part of a growing trend of fintech companies seeking OCC national trust charters. Revolut secured conditional approval last week, following earlier approvals or applications from Coinbase, Paxos, BitGo, Ripple, and Circle.

Block framed the application as an effort to bring its activities under a single federal supervisory framework, rather than a patchwork of state licenses.