The crypto bank Protego Trust has failed to secure funding and has been forced to lay off most of its employees

ChainCatcher news, according to a report by CoinDesk citing sources, the crypto bank Protego Trust Bank has laid off more than half of its employees. The company has been seeking new funding but has been unsuccessful.

Previous report stated that last May, according to informed sources, Protego Trust Bank was seeking to raise Series B funding at a valuation of nearly $2 billion. Protego Trust had previously completed a $70 million Series A funding round in 2021, with participation from FTX, Coinbase, Algorand, and others. (CoinDesk)