Block Seeks OCC Approval for National Trust Bank
Block, the fintech firm co-founded by Jack Dorsey and Jim McKelvey, is seeking regulatory approval from the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., a national trust bank.
The proposed bank would offer custodial services and other fiduciary functions for digital assets such as Bitcoin and stablecoins, allowing Block to participate in the growing digital asset custody industry under federal regulation.
Block has submitted its application to the OCC, which will review the request and decide if Builders Bank satisfies the criteria for a national trust bank charter.
The proposed bank would not accept deposits or offer FDIC-insured deposit services, but would focus on providing custody and fiduciary activities for digital assets.