Block files for bank charter to custody bitcoin and stablecoins
- —Block filed with the OCC to charter national trust bank Builders Bank
- —The non-deposit-insured bank would custody bitcoin and stablecoins
- —Bitcoin revenue reached about $1.9 billion, 29% of total net revenue
- —Gross margin on the bitcoin business was under 4%, or $72 million
Why it matters: OCC approval would give Block a national charter and cut reliance on third-party custodians, but it does not guarantee higher crypto revenue.
Source: DiarioBitcoin