Block Seeks OCC Charter for Bitcoin Custody Bank

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 Builders Bank & Trust, N.A., an uninsured national trust bank.

The proposed entity would provide federally supervised custody and fiduciary services for bitcoin and stablecoins, but would not take deposits or make loans. This means customers would use Builders Bank as a secure storage facility for digital assets, rather than a place to hold their money or borrow funds.

The application does not guarantee the approval of the charter, which is contingent on the OCC's review. Lee Woolley, Block's Digital Asset Strategy Lead, has been designated to serve as the president and CEO of Builders Bank if the charter is approved.