Block Files OCC Charter to Establish Crypto Custody Bank

 

Financial technology company Block Inc. has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A. (“Builders Bank”), an uninsured national trust bank.

 

If approved, the charter will enable Block to operate as a federally regulated national trust bank under the supervision of the OCC, allowing it to provide fiduciary and custody services for digital assets such as Bitcoin and stablecoins.

 

“Combining Block’s digital asset expertise, our experience with Square Financial Services, and the deep banking expertise of our team, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment,” said Lee Woolley, who is expected to serve as president and CEO of Builders Bank.

 

Although the charter will not allow Builders Bank to accept customer deposits or make loans like traditional banks, if approved, it will enable the bank to operate as an uninsured, non-deposit taking national trust bank under the OCC’s regulatory framework.

 

Block’s application comes at a time when several financial institutions have made similar filings with the OCC to establish national trust banks.

 

Just last month, digital asset infrastructure provider Zero Hash applied to establish a national trust bank focused exclusively on digital assets. The application followed similar filings by fintech firm Dakota, Catena, and Payward in preceding months.

 

President Trump-backed World Liberty Financial and Sony Bank also recently received conditional trust charters from the OCC to establish national trust banks, while stablecoin issuer Circle was granted a New York trust charter.