Block Seeks Bank Charter to Offer Bitcoin Custody Services

Jack Dorsey's fintech company Block has applied for a U.S. bank charter, proposing to operate under the name Builders Bank. The move is intended to bring its cryptocurrency custody activities under a single regulated entity.

Purpose of the Charter Application

The proposed bank would focus on custodial services for Bitcoin, allowing Block to offer regulated storage solutions for the digital asset.

Regulatory Footprint

Block already holds more than 50 state money‑transmitter licenses, a network that would support the new bank’s operations across the United States.

Implications for the Crypto Industry

By seeking a traditional banking charter, Block aims to bridge the gap between crypto custody and conventional financial regulation, potentially setting a precedent for other crypto‑focused firms.