Jack Dorsey's Block Applies for Bank Charter to Custody Bitcoin

Builders Bank would consolidate custody work Block now runs under more than 50 state money transmitter licenses.

The top 3

  1. Block's Major Bitcoin-Focused Ventures: Block Inc., led by Jack Dorsey, has several key initiatives centered around Bitcoin, including its Cash App for Bitcoin transactions, the TBD unit focused on open-source Bitcoin development, and efforts to build a decentralized exchange. Block Inc.
  2. Leading Crypto-Native Custody Providers: Anchorage Digital, BitGo, and Coinbase Custody are prominent crypto-native firms offering institutional-grade digital asset custody, with Anchorage being the first federally chartered digital asset bank in the U.S. and BitGo known for its multi-signature technology and broad asset support.
  3. Traditional Financial Institutions Entering Crypto Custody: Major traditional banks like BNY Mellon, Fidelity Digital Assets, and U.S. Bank are increasingly offering digital asset custody services, leveraging their existing infrastructure and regulatory compliance to serve institutional clients.

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