Crypto bank Protego beefs up advisory board

Quick Take

  • The federally chartered crypto bank names five financial heavyweights as advisors, including former State Street Corporation chairman and CEO Jay Hooley.
  • The Block reported in May that Protego is currently seeking further financing at a valuation of $2 billion.

Protego Trust Bank, a federally chartered crypto bank, has appointed five Wall Street veterans to its advisory board as it gears up for a full launch later this year.

The company already counts former US comptroller of the currency Brian Brooks among a 12-person board of directors. This morning’s announcement sees Protego’s separate advisory board grow to 11 people.

Joining the advisory panel are former State Street Corporation chairman and CEO Jay Hooley; Kelly Mathieson, who during a 26 year stint at JPMorgan served as global head of custody product and global head of securities clearing and collateral management; Cris Conde, co-founder of Devon Systems and a senior advisor at Accel Partners; Sultan Meghji, former chief innovation officer at the Federal Deposit Insurance Corporation; and Brian Shea, former vice chairman and CEO of investment services at BNY Mellon.

In a statement, Protego’s founder Greg Gilman said the firm is “focused on leveraging a deep understanding of traditional banking with the opportunities to responsibly build the next generation of finance.”

“Each advisory board member brings insights and expertise that span the technology and financial services spectrums, translating to enhanced offerings for institutional clients,” he added.  

Fundraising efforts

Founded in 2017, Protego was granted a conditional federal charter from the US Office of the Comptroller of the Currency (OCC) in February 2021, paving the way for the conversion of a charter first granted by the Washington State Department of Financial Institutions.

In May, The Block reported that Protego had quietly raised $70 million in a Series A round last year, and that it is currently seeking further investment that could value the company at $2 billion.

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