Jack Dorsey’s Block Becomes Latest Bitcoin-Focused Company To Apply for Banking Charter

Bitcoin Magazine Jack Dorsey’s Block Becomes Latest Bitcoin-Focused Company To Apply for Banking Charter Bitcoin-focused Block Inc. has become the latest company to apply for a U.S.

banking charter.  The company, which manages Square, Cash App, and Bitkey, said Wednesday that it had submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A.

Block joins a long-list of digital asset firms that have received conditional approval or are awaiting approval from the regulator to have the license.

The charter would allow companies — if fully approved — to have certain banking powers, such as custody assets and move client funds.   JUST IN: Block applies to establish Builders Bank & Trust with the OCC, which would provide federally regulated custody and "fiduciary services" for Bitcoin and stablecoins.