Block, Jack Dorsey's payments company, applied to the Office of the Comptroller of the Currency to form Builders Bank & Trust, an uninsured national trust bank for Bitcoin and stablecoin custody. The bank would not take deposits or make loans, and its approval and launch remain conditional on OCC review.
Jack Dorsey's payments company Block has applied to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A., an uninsured national trust bank. Block made the filing public on Sept. 8 through a Business Wire release.
If the OCC approves the charter, Builders Bank would operate under federal supervision and offer custody and fiduciary services for Bitcoin and stablecoins. However, Block said the proposed bank would not accept deposits or make loans, keeping it apart from a conventional commercial bank. Custody of stablecoins and Bitcoin would be the bank's core function.
The application itself does not create the bank, and no approval decision, timetable, or launch date has been disclosed. Builders Bank could begin the proposed operations only once the OCC approves the charter.
Lee Woolley, Block's digital asset strategy lead, is designated to serve as Builders Bank's president and CEO if the OCC approves the application. Woolley said the proposed institution would draw on Block's digital asset operations and its experience with Square Financial Services, the company's existing industrial bank. His appointment, like the bank itself, is contingent on the OCC's approval.
Block joins other financial technology and crypto firms pursuing national trust bank charters. Ripple has received conditional approval for a similar charter. Circle and BitGo have received final approval for theirs. Kraken parent Payward has also submitted an application, and so has crypto infrastructure provider Zerohash.
Sources: Cointelegraph.com News, Crypto Daily™
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