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Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce

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. 

While “more than half” of Protego’s workforce has been laid off this week, the charter is still very much in play, the person told CoinDesk. The OCC has been encouraging due to the emphasis Protego places on security and compliance and the investments made there, the person added.

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