Block, the fintech firm cofounded by Jack Dorsey, said it has applied to federal regulators to establish an uninsured national trust bank called Builders Bank & Trust.
The company has sought approval from the Office of the Comptroller of the Currency to set up the proposed institution, following several fintech startups who have recently sought national bank licenses. Builders Bank would be a national trust bank and not accept deposits or make loans.
Block said its proposed bank would cater to the #Crypto industry by providing custody and other services for tokens such as bitcoin and stablecoins.
https://sg.finance.yahoo...
