Protego Trust Bank named financial services veteran Ron Totaro chief executive officer as the bank continues its push to serve institutional clients in crypto and digital assets.
Totaro’s most recent role was CEO at Tassat Group, a blockchain-based tech firm focused on digital payments.
In 2021, Protego raised $70 million in a Series A with investors including crypto exchanges Coinbase (COIN) and FTX as well as Digital Currency Group, the parent company of CoinDesk. In May, Protego was reportedly looking to raise more money in a Series B round that would have valued the firm at $2 billion.
Earlier this year, Protego appointed former acting controller of the Office of the Comptroller of the Currency (OCC), and current Bitfury CEO, Brian Brooks and former Ally Financial CEO Michael Carpenter to its board of directors. The OCC granted Protego Trust a conditional federal charter in 2021 allowing Protego to custody digital assets.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.