Jack Dorsey's Block Is Looking to Create a National Trust Bank. Here's Why That Could Help to Send Bitcoin Higher.
The company has filed its application to the federal government's OCC.
Overview
Block (NYSE: XYZ), the company behind the Square payment terminals at retailers and the developer of the popular Cash App, is entering the banking business.
Well, sort of. Earlier this month, the financial company announced it had submitted the regulatory paperwork to establish an uninsured national trust bank. This will be called Builders Bank & Trust, or more simply, Builders Bank. This is an attempt to improve the company's under-the-hood operations, particularly with regards to its Bitcoin business.
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Originally published at www.fool.com.
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