Bitcoin
Block Files for US National Trust Bank Charter to Consolidate Crypto Custody
Jack Dorsey's payments firm has submitted an application to the OCC to establish a dedicated digital asset trust bank.
Block has applied to the Office of the Comptroller of the Currency to charter Builders Bank & Trust, an uninsured national trust bank. The proposed entity would custody Bitcoin and other digital assets, execute client trades on a riskless principal basis, and handle stablecoin settlement.
The institution would operate strictly on a non-depository model, meaning it will not accept customer deposits or extend loans. The move is designed to unify custody services under a single federal framework.
Block has operated digital asset services for roughly eight years under more than 50 state money transmitter and virtual currency licenses, handling around $10.7 billion in Bitcoin volume over the past year.
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