Block doubled its legal reserve for a possible settlement with the US Department of Justice to $526 million in August, with negotiations still underway. The company has also faced criticism over customer support and its handling of suspected fraud.
Block is responding by expanding its Cash App’s financial products, including personal loans, buy-now-pay-later options, stock and Bitcoin trading, savings accounts and merchant rewards.
In September, Jack Dorsey’s company filed an application with the US Office of the Comptroller of the Currency, seeking approval to establish Builders Bank & Trust, N.A. The proposed entity would be an uninsured national trust bank providing custody and related fiduciary services for digital assets, including Bitcoin and stablecoins, subject to regulatory approval.
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