Jack Dorsey's Block Applies for National Trust Bank Charter, Plans Bitcoin Custody Services

Odaily News: Bitcoin News posted on the X platform that Block, founded by Jack Dorsey, has applied with the U.S. Office of the Comptroller of the Currency to establish a federally regulated national trust bank, Builders Bank & Trust. If approved, the bank will provide bitcoin and stablecoin custody and related fiduciary services, with a focus on safeguarding client assets. It will not accept checks or savings deposits, nor will it offer loans. Lee Woolley, Block's head of digital asset strategy, will serve as the bank's president and CEO.