Dorsey's Block Seeks Bank Charter to Safeguard Bitcoin Custody

Block, the financial services company founded by Twitter CEO Jack Dorsey, has submitted an application to become a bank in order to custody Bitcoin. This move would enable Block to offer custodial services for its customers, allowing them to hold their Bitcoin safely and securely.

The application was made public on the Federal Deposit Insurance Corporation's (FDIC) website, which lists all charter applications received by banks. The FDIC has not yet acted on Block's application, but it is a significant step towards becoming a regulated financial institution.