Block Pursues National Trust Bank Charter to Custody Bitcoin and Stablecoins
What's happening
Block has applied to the Office of the Comptroller of the Currency to establish a national trust bank, called Builders, that would provide custody and fiduciary services for bitcoin and stablecoins. The filing positions Block as the latest fintech seeking a federally regulated bank charter to offer crypto custody, joining other fintechs moving into national banking. The plan signals Block's intent to bring Cash App-related crypto services under a bank structure with OCC oversight.
Why it's trending
Fintechs are racing to secure OCC-approved bank charters now that the regulator is allowing more leeway for such licenses.
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If you think crypto custody belongs to crypto-native firms, Block getting an OCC trust charter proves banks, not exchanges, will own the customer relationship.
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Original sources3
- Block seeks OCC bank charter
Cash App’s parent is joining a parade of fintechs seeking to become national banks as the Office of the Comptroller of the Currency allows more leeway for such licenses.
Banking DiveSep 9 - Block files to set up national trust bank
Block is the latest fintech to apply to establish its own federally regulated bank offering crypto custody services.
FinextraSep 9 - Block Pursues National Trust Bank Charter to Custody Bitcoin and Stablecoins
Block aims to establish a national trust bank that would provide custody and related fiduciary services, including those for bitcoin and stablecoins, the company said in a Tuesday (Sept. 8) press release. Block said in the release that it submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders […] The post Block Pursues National Trust Bank Charte
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