Block Seeks OCC Charter for Bitcoin Custody Bank

Block Inc., led by CEO Jack Dorsey, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., a national trust bank that would provide custody and fiduciary services for Bitcoin and stablecoins.

The proposed entity, which is currently in the review process with the OCC, aims to provide federally supervised custody and fiduciary services without accepting deposits or extending credit. This means customers using Builders Bank would not be able to use it as a place to hold bank deposits or borrow money.

Lee Woolley, Block's Digital Asset Strategy Lead, has been designated to serve as the president and CEO of Builders Bank if the OCC approves the application.