Block Files OCC Application for Bitcoin Custody Trust Bank — SkimNews
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- Block submitted an application to the Office of the Comptroller of the Currency to create Builders Bank & Trust, an uninsured national trust bank focused on Bitcoin and stablecoin custody.
- The proposed bank would offer federally supervised custody and related fiduciary services but 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, drawing on Block's digital asset operations and its experience with Square Financial Services, the company's existing industrial bank.
- Ripple has received conditional approval for a similar charter, while Circle and BitGo have received final approval; Kraken parent Payward and crypto infrastructure provider Zerohash have also submitted applications.
- Block said the charter would give its custody operations a consistent national framework as the business expands.
Why it matters: Block is joining a wave of crypto firms seeking federal banking charters to legitimize digital asset custody under OCC supervision rather than operating under state-by-state frameworks. By designing a deposit- and loan-free institution, Block is narrowly targeting custody as a regulated business line — a concrete step that puts Bitcoin and stablecoin safekeeping on par with traditional fiduciary services.
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