Block, the payments company founded by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, a federally regulated institution specialising in custody services for Bitcoin and stablecoins. The proposed bank would operate under OCC supervision but would not engage in traditional banking activities such as accepting deposits or issuing loans.
Lee Woolley, Block’s digital asset strategy lead and president of Builders Bank & Trust, has not publicly commented on the application. The move follows a broader trend among crypto firms seeking federal charters to legitimise custody operations, with companies such as Circle and BitGo having already secured approvals for similar ventures.
Ripple, another major player in the crypto sector, holds a conditional approval for a trust bank charter, while Payward—Kraken’s parent company—has submitted its own application. Zerohash, a crypto infrastructure firm, is also pursuing a trust bank charter.
The OCC’s approval process for such applications remains opaque, with no public timeline for decisions. If granted, Builders Bank & Trust would join a small but growing cohort of institutions attempting to bridge the gap between traditional finance and digital assets through federal oversight.
The application underscores Block’s strategic pivot toward institutional-grade crypto services, leveraging its existing Square Financial Services division as a reference point for regulatory compliance. Analysts suggest the move could signal broader acceptance of crypto custody as a regulated financial service.
Written by Rebecca Shaw
Industry Desk
