The company, which manages Square, Cash App, and Bitkey, Wednesday that it had submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.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. 👀 — Bitcoin Magazine (@BitcoinMagazine)
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.
A number of top crypto companies have received conditional approval, including Coinbase, Circle, Crypto.com, and Paxos.
Decentralized financial protocol World Liberty Financial, backed by U.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.
His point-of-sale products, Square, last year bitcoin acceptance for millions of eligible U.S. small businesses, with no setup required and transactions instantly converted to dollars at checkout.
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.