The proposed Protego Trust Bank hired its first CEO.
The Seattle-based bank in formation named financial technology veteran Ron Totaro to lead the federally chartered company as it works through the regulatory approval process to open its doors later this year.
Totaro brings more than three decades of financial services experience, building and leading fintech, banking, payments and blockchain companies. Most recently, he was CEO of Tassat Group, a provider of blockchain-based, real-time payment solutions enabling banks to tokenize U.S. dollar deposits and transition from legacy payment rails to blockchain technologies.
“Ron brings a solid understanding of digital asset and blockchain technology as well as strong relationships with banking and private equity leaders,” Greg Gilman, founder of Protego Trust, said in a press release.
The proposed Protego Trust will provide custody services for institutional clients to hold digital currencies such as bitcoin and stablecoins. Users of Protego’s platforms will also be able to use their digital assets to engage in person-to-person lending and trading.
“Current market dynamics in cryptocurrencies and digital assets reinforce the need for institutional investors to have a trusted partner that shares their values, processes and desired outcomes,” Totaro said in the release. “I’m looking forward to working alongside our expert team to deliver a full spectrum of digital asset services.”