Block Applies to Establish Builders Bank & Trust
By Elias SchisgallBlock wants to build a bank.The financial technology company on Tuesday said it submitted an application to federal regulators to establish a federally regulated, uninsured national trust bank called Builders Bank & Trust.The proposed bank charter "would establish a federal supervisory framework for certain custody and related activities currently offered by Block," the company said. It said the bank would provide custody and fiduciary services, including for stablecoins and bitcoin, but would not accept deposits or make loans.The establishment of the bank would help Block scale, the company said. The bank, if established, would be helmed by Lee Woolley as president and chief executive."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," said Woolley, currently Block's digital asset strategy lead.Block's application is subject to approval by the Office of the Comptroller of the Currency, a federal banking regulator.Write to Elias Schisgall at [email protected]