OCC Greenlights Second Crypto Custodian As National Bank

Law360 (February 5, 2021, 10:03 PM EST) -- Seattle-based Protego Trust Co. has earned conditional approval from the Office of the Comptroller of the Currency to convert to a nationally chartered bank, becoming only the second cryptocurrency custodian to do so.

Both Protego and the OCC issued statements Friday that the Washington state-chartered trust company will convert to Protego Trust Bank, National Association, or PTBNA, offering cryptocurrency custody services and with significant expansion plans.

The OCC noted that Protego is currently "in the organizational phase" of development and will have up to 18 months to meet the terms of its conditional approval before it can convert and begin operations....

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