Protego Trust Bank Receives OCC License for US Banking

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Protego Trust Bank became the second cryptocurrency company to receive approval from the United States Comptroller of the Currency (OCC) to conduct banking activities in the country.

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Protego secured conditional approval from the OCC, following custodian service Anchorage, which received a similar banking license in January. According to the press release, the newly established trust bank will also offer a trading platform for clients, new digital asset issuance services and a P2P lending platform.

“Protego’s integrated offering will be of great benefit to organizations that want to be able to keep their assets in a federally regulated bank,” said Jonathan Silverman, chief strategist at Protego.

According to an OCC press release, Protego has 18 months to comply with all regulatory requirements before being transformed into a national bank under conditional approval. Protego’s head of business development, Chris Hunter, said the company was committed to custodianship of more than $ 1.5 billion of assets.

“OCC has made tremendous strides in a short period of time regarding digital banking approvals, and we are very pleased to have received one of the first licenses issued by OCC,” said Protego founder Greg Gilman.

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As a reminder, Avanti crypto bank received a license from the Wyoming regulator last fall.

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