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Home›Crypto›Regulation›Block applies for a bank charter to provide custody fo…

Block applies for a bank charter to provide custody for Bitcoin

The filing would move Block’s custody operations into a regulated bank structure via Builders Bank, which would consolidate the custody work currently run under more than 50 state money transmitter licenses, according to Decrypt.

Reported · Written up by our desk · Regulation

Block is seeking a bank charter to support Bitcoin custody services through a proposed entity called Builders Bank, according to Decrypt.

Decrypt reports that the change would consolidate the custody work Block currently performs under more than 50 state money transmitter licenses.

The application signals Block’s push to bring its custody function under a banking regulator rather than relying solely on state licensing for its current setup, Decrypt said.

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Sources

DecryptJack Dorsey's Block Applies for Bank Charter to Custody Bitcoin

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