SCOOP: Crypto bank charter hopeful ProtegoTrust has run out of capital and been forced to lay off most of its staff, according to a source familiar with the matter. ianallison123 nikhileshde report
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. News of the layoffs wasWhile “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.
“Dozens of folks are still involved though not as employees, and some employees are still in place. Money is a problem, though there is a signed deal which has been very slow in funding,” said the source. “Operations, risk management, compliance, data centers/applications etc. are all sitting in a ready to launch state, but until capital comes, Protego is stuck.
However, the final status of the company's application has hung in the balance longer than the allowed 18-month deadline.
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