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

60-second summary

Jack Dorsey’s Block files a formal application for a national bank charter to house its Bitcoin custody operations, aiming to streamline the fragmented system that currently relies on over 50 state money‑transmitter licenses. By consolidating under a single charter, Block expects lower compliance costs, faster onboarding, and broader institutional appeal, potentially accelerating mainstream crypto adoption and boosting Bitcoin’s custodial market.