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