Key Takeaways
Block applies for a U.S. banking charter to establish Builders Bank, providing federally regulated bitcoin custody.
According to reporting by Bitcoin Magazine, Bitcoin-focused company Block Inc. has submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank Trust, N.A. As reported by Bitcoin Magazine, Block seeks the banking license to open Builders Bank, which would offer federally regulated custody and related fiduciary services for bitcoin and stablecoins.
Block joins other digital asset firms seeking or receiving regulatory approval for a charter, such as Coinbase, Circle, Crypto.com, Paxos, and World Liberty Financial. If fully approved, the national trust bank would operate under OCC supervision, enabling the company to hold custody of assets and move client funds. Lee Woolley is slated to serve as President and CEO of Builders Bank.
Block manages products including Square, Cash App, and Bitkey. CEO and founder Jack Dorsey previously integrated bitcoin acceptance into Square products for U.S. small businesses. Bitcoin Magazine notes that Block's new banking venture aims to support its vision of economic empowerment using the company's digital asset experience and the banking expertise of its assembled team.
Source & Fact-Check Note
This report is synthesized from coverage by Bitcoin Magazine. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at Bitcoin Magazine ↗
