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The Office of the Comptroller of the Currency (OCC) has granted conditional approval for a trust charter to Seattle-based Protego Trust Bank.

Specifically built to serve the digital asset needs of institutional clients, Protego is the second applicant to receive conditional approval from the OCC after Anchorage. According to the company’s announcement, the new federal charter will enable Protego to convert from a Washington State-chartered trust company into a nationally chartered trust bank.

The bank has 18 months to meet all the terms of its conditional approval before it can begin to operate as a national bank, the OCC said in a press release.

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“Protego’s integrated offering will be of great benefit to institutions that want to be able to store their assets in a federally regulated bank,” said Jonathan Silverman, Protego’s chief strategy officer.

Chris Hunter, the head of development at Protego, said the bank has already secured commitments for more than $1.5 billion in assets under custody. The bank is currently the first and only digital asset-focused trust company chartered by the State of Washington.

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