Crypto bank charter firm Protego Trust lays off most of its workforce: Source

03/02 00:46

Protego Trust, the cryptocurrency custody firm awaiting final approval from U.S. authorities to convert into a nationally chartered trust bank, has been forced to terminate most of its workforce, according to a person familiar with the matter. The firm was looking to secure fresh funding but has been unable to, making it the latest victim of the continuing crypto bear market, according to a person CoinDesk communicated with via direct messages. Protego raised $70 million during a Series A fundraising round in 2021, which included investment from Coinbase Ventures, FTX and Digital Currency Group, the parent company of CoinDesk. In February 2022, the firm appointed former acting controller of the OCC Brian Brooks to its board of directors. Protego received conditional approval from the OCC, the independent wing of the Treasury Department that oversees the national banking industry, to convert into a nationally chartered trust bank in early 2021.
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