Dorsey's Block Seeks National Trust Bank Status for Crypto Custody

Block Inc., led by Jack Dorsey, has applied to establish Builders Bank & Trust, an uninsured national trust bank that would provide a federal framework for custodial services of Bitcoin, stablecoins, and other digital assets.

The proposed bank, if approved by the Office of the Comptroller of the Currency, would offer custody and related fiduciary services but wouldn't take deposits or make loans.

Builders Bank & Trust aims to cater to companies handling large amounts of cryptocurrency, such as exchanges, wallet providers, and other digital asset custodians.