Block, the financial technology company, has applied to establish a federally regulated, uninsured national trust bank named Builders Bank & Trust. The filing represents a significant move by the company into the traditional banking sector.
Builders Bank & Trust would operate as a national trust bank, a type of financial institution that can hold assets in trust for others. These banks are typically regulated by federal agencies. The application details the company's intentions to create a new entity that will offer specialized financial services.
Details regarding the specific services Builders Bank & Trust will offer, its operational structure, and the timeline for regulatory approval were not immediately available. The move into establishing a bank charter signals a strategic expansion for Block beyond its current offerings in payment processing, financial services, and cryptocurrency-related products.