Block Seeks OCC Approval for National Trust Bank for Crypto Custody

Block, founded by Jack Dorsey, has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, a national trust bank that would provide custody and related fiduciary services for digital assets under OCC supervision.

The proposed bank would not accept deposits or issue loans and would be headed by Lee Woolley, Block's Digital Asset Strategy Lead, as President and CEO.

This is part of Block's expansion plans in the crypto space. Builders Bank & Trust would provide a national framework for Block's custody operations.

The application remains subject to approval by the OCC.