Block Inc., the parent company of Square, Cash App, and Bitkey, has officially submitted an application to the Office of the Comptroller of the Currency (OCC). The firm aims to establish a new entity called Builders Bank & Trust, N.A. to expand its financial service offerings.
If the application receives full approval, the new institution will operate as a federally regulated national trust bank. Its primary function will be to provide custody and fiduciary services for digital assets, specifically focusing on bitcoin and stablecoins.
Lee Woolley has been designated as the future President and CEO of Builders Bank. The company intends to leverage its existing experience from Square Financial Services and its current team to support its broader economic goals under the new regulatory framework.
Block joins a growing list of digital asset firms seeking similar banking powers. Other companies that have previously received conditional approval from the regulator include Coinbase, Circle, Crypto.com, and Paxos, as well as the protocol World Liberty Financial.