Block said the charter would give its custody operations a consistent national framework as the business expands. The proposed bank would not accept deposits or make loans, separating it from a conventional commercial bank.
Lee Woolley, Block’s digital asset strategy lead, would serve as Builders Bank’s president and CEO. Woolley said the proposed institution would draw on Block’s digital asset operations and its experience with Square Financial Services, the company’s existing industrial bank.
Block joins other financial technology and crypto companies pursuing national trust bank charters. Ripple has for a similar charter, while Circle and have . and have also submitted applications.
Related: Dorsey shares AI-integrated workplace vision weeks after Block’s 40% staff cut