The Office of the Comptroller of the Currency (OCC) announced on Feb. 5 conditional approval of the conversion of Protego Trust Company, to become Protego Trust Bank, National Association (N.A.).
This new federal charter will allow Protego to convert from a Washington State-chartered trust company into a nationally chartered trust bank while enabling its clients nationwide to hold, trade, lend and issue digital assets.
Protego is the second applicant to receive conditional approval from the OCC, following Anchorage. It follows several other digital asset companies that have received bank charters, including crypto exchange Kraken and de novo bank Avanti. These companies both received state charters in Wyoming.
According to the Comptroller’s Licensing Manual, the criteria that the…