According to ME News, on September 9 (UTC+8), Bitcoin News posted on X that Jack Dorsey’s Block has applied to the U.S. Office of the Comptroller of the Currency to establish a federally regulated national trust bank, Builders Bank & Trust. If approved, the bank will provide custody and related fiduciary services for Bitcoin and stablecoins, with a focus on safeguarding customer assets; it will not accept checks or savings deposits, nor offer loans. Lee Woolley, Block’s Head of Digital Assets Strategy, will serve as President and CEO of the bank. (Source: ODAILY)
Block Applies for National Trust Bank License to Offer Bitcoin Custody Services
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Summary
Block has filed with the Office of the Comptroller of the Currency to establish a national trust bank, Builders Bank & Trust, to provide custody services for Bitcoin and stablecoins. The bank will focus on asset protection rather than deposits or loans. Lee Woolley, Block’s Head of Digital Assets Strategy, will lead the bank. This move aligns with ongoing efforts to comply with CFTC requirements and coincides with growing anticipation surrounding the approval of a Bitcoin ETF.
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