Block wants the banking license so it can open Builders Bank, which would provide custody and related fiduciary services for bitcoin. Bitcoin-focused Block Inc. S.
banking charter. A. Block joins a long-list of digital asset firms that have received conditional approval or are awaiting approval from the regulator to have the license.
The charter would allow companies — if fully approved — to have certain banking powers, such as custody assets and move client funds. JUST IN: Block applies to establish Builders Bank & Trust with the OCC, which would provide federally regulated custody and "fiduciary services" for Bitcoin and stablecoins. com/Dkq7WIg6Wa “Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment,” Lee Woolley, who would serve as President and CEO of Builders Bank, said in a statement.
Block said that, if approved, Builders Bank would operate as a federally regulated national trust bank under OCC supervision and provide custody and related fiduciary services, including for bitcoin and stablecoins. com, and Paxos. S.
President Donald Trump, also received approval this year. Block CEO and founder Jack Dorsey, a Bitcoin maximalist, has been pushing for the biggest and oldest cryptocurrency to become everyday money. S.
small businesses, with no setup required and transactions instantly converted to dollars at checkout.
