Jack Dorsey's Block Inc. has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., joining several digital asset firms pursuing federal banking charters. The move signals continued institutional integration of cryptocurrency services within traditional financial frameworks.
Banking Charter Application Details
Block, which operates Square, Cash App, and Bitkey, filed the application this week to create a federally regulated national trust bank. If approved, Builders Bank would provide custody and fiduciary services for bitcoin and stablecoins under OCC supervision.
Lee Woolley, designated to serve as President and CEO of Builders Bank, emphasized the company's positioning for the application. "Building on Block's experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we've assembled, we believe Builders Bank is well positioned to support Block's broader vision of economic empowerment," Woolley stated.
Growing Trend Among Crypto Companies
Block joins a growing roster of digital asset firms that have either received conditional approval or are awaiting OCC decisions on banking charters. The list includes:
- Coinbase
- Circle
- Crypto.com
- Paxos
- World Liberty Financial
These charters grant companies specific banking powers, including the ability to custody assets and facilitate client fund transfers under federal regulatory oversight.
Workforce Implications
For blockchain and fintech professionals, Block's move represents the ongoing convergence of traditional banking and digital assets. The establishment of Builders Bank would likely create specialized roles requiring expertise in both regulatory compliance and cryptocurrency operations.
Block's expanding bitcoin integration—including Square's rollout of bitcoin acceptance for millions of U.S. small businesses last year—demonstrates the company's commitment to mainstream cryptocurrency adoption. This strategic direction suggests continued demand for professionals with cross-functional skills in payment processing, digital asset custody, and regulatory compliance within the crypto banking sector.
