Home›Crypto›Regulation›Block applies for OCC banking charter for Builders Ban…

Block applies for OCC banking charter for Builders Bank and Trust

The proposed Builders Bank & Trust, N.A. would seek federally regulated custody and fiduciary services for bitcoin and stablecoins under OCC supervision.

Reported · Written up by our desk · Regulation

Block Inc., led by Jack Dorsey, said it has submitted an application to the U.S. Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A.

According to Bitcoin Magazine, the bank charter would, if fully approved, give the company certain banking powers, including custody of assets and the ability to move client funds.

Block said the goal is to open a federally regulated national trust bank under OCC supervision that could provide custody and related fiduciary services for bitcoin and stablecoins.

Bitcoin Magazine notes Block would join other digital asset firms that have received conditional approval or are awaiting approval for U.S. banking licenses, including Coinbase, Circle, Crypto.com, and Paxos.

Latest closeBitcoin $78,095.96 ▼0.4%

More like this

Sources