TechWall Street Journal1h ago
Block says it has submitted an application
Block says it has submitted an application to US regulators to establish a federally regulated, uninsured national trust bank called Builders Bank & Trust
TL;DRBlock applied to create its own federally regulated bank called Builders Bank & Trust.
Why it matters: Direct banking control could let Block reduce payment processing costs and compete with traditional financial institutions.
The financial technology company is seeking to establish a federally regulated, uninsured national trust bank — Block wants to build a bank.
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