Company Overview
Protego Trust is a financial institution with a primary focus on serving the digital asset needs of institutional investors. Established in 2017 and headquartered in Seattle, Washington, the company has positioned itself to cater to clients interested in digital assets through an integrated set of services such as custody, trading, lending, and issuance. It has received conditional approval from the Office of the Comptroller of the Currency (OCC) to transform into a nationally chartered trust bank.
Industry Position
Operating in the Financial Services sector and concentrating on the digital assets domain, which includes cryptocurrency and blockchain technology, Protego Trust is structured as a privately held entity with an employee count between 51-200. This specialization positions the company as a pivotal player in the evolving digital finance landscape.
Financial Performance
Protego Trust is focused on securing sufficient capital to support and expand its operations. The company successfully completed a Series A funding round in 2021, raising $70 million from prominent investors such as Coinbase Ventures, FTX, and Digital Currency Group. Currently, the company is endeavoring to achieve a $2 billion valuation to strengthen its market presence and broaden its service suite.
Leadership and Team
The company boasts a leadership team with deep expertise in finance, technology, and compliance:
- Doug Mehne: Chief Operating Officer & Chief Business Officer
- Don Andrews: Chief Risk Officer
- Dr. Jeffrey Edwards: Chief Control Officer
- Gabriella Szasz: Global CIO
- Greg Gilman: Founder and Executive Chair
Recent Developments
Protego Trust is in the process of obtaining final approval for its national trust charter but has encountered financial hurdles leading to significant staff reductions. Despite these obstacles, the company's focus remains on maintaining operational readiness, aligning with the OCC's interests, and emphasizing security and compliance. A timely influx of capital is vital for the launch and continuity of its activities.
Strategic Outlook
The company aims to leverage its regulatory compliance and strong infrastructure to establish itself as a reliable partner in the digital assets sphere. By embracing advancements in blockchain technology and strengthening its board with experienced professionals like Brian Brooks, Protego Trust is poised to make significant contributions to the digital finance sector.
Competitor Profiling
Key Competitors
1. Greengage: A formidable competitor in the banking and CeFi (Centralized Finance) sectors, offering digital merchant banking services. Headquartered in London, Greengage provides e-money account services that focus on entrepreneurs, SMEs, and digital asset firms, emphasizing blockchain innovation and regulatory compliance.
2. Cashaa: Specializing in consumer-oriented blockchain solutions, Cashaa offers financial services such as crypto earning, borrowing, and transacting, making blockchain technology accessible and affordable. Founded in 2007 and based in Cimburkova, Czech Republic, Cashaa maintains a significant presence in the DeFi (Decentralized Finance) space.
3. Bank of Chain: A next-generation decentralized banking service using various blockchain technologies within the Ethereum ecosystem, Bank of Chain functions as an aggregator and yield farming entity, with a total value locked (TVL) of around $12,503.
Additional Competitors
- Metaco and BitGo: Companies that also deliver digital asset management and blockchain technology services.
- Morgan Creek Capital Management, Hartford Funds, and Highland Funds I: Additional competitors reflecting the diverse competitive field in the financial services sector related to digital assets.
Industry Positioning
Protego Trust Bank contends with substantial competition from both traditional financial service organizations and modern, innovative blockchain entities like Greengage and Cashaa. To solidify and elevate its market position in the dynamic digital finance ecosystem, Protego Trust must persistently innovate and augment its service offerings.
