Jack Dorsey’s Block Applies for Banking Charter Amid Bitcoin Push

Block Inc., a company centered around Bitcoin, has emerged as the newest enterprise seeking a U.S. banking charter.

On Wednesday, the firm—which oversees Bitkey, Cash App, and Square—announced it filed an application with the Office of the Comptroller of the Currency to set up Builders Bank & Trust, N.A.

By seeking this license, Block enters a growing group of digital asset businesses that are either waiting for approval or have already secured conditional clearance from the regulatory body. If granted full approval, the charter grants firms specific banking privileges, such as transferring client capital and holding asset custody.

“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,” Lee Woolley, who would serve as President and CEO of Builders Bank, said in a statement.

Should the application be approved, Block explained that Builders Bank would function as a nationally regulated trust bank supervised by the OCC, delivering custody along with related fiduciary offerings for both stablecoins and bitcoin.

Several prominent crypto enterprises have previously secured conditional clearance, including Paxos, Crypto.com, Circle, and Coinbase.

Additionally, World Liberty Financial—a decentralized finance protocol supported by U.S. President Donald Trump—secured approval earlier this year.

Jack Dorsey, the founder and CEO of Block and a dedicated Bitcoin maximalist, has long advocated for the oldest and largest cryptocurrency to function as mainstream currency.

Last year, Square—his point-of-sale platform—introduced bitcoin payment acceptance for millions of qualifying small businesses across the United States, allowing transactions to convert directly into dollars at the register without any setup needed.