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Encryption and Hosting Company, Protego Trust, Forced to Lay off Most of its Employees Due to Failed Financing

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According to reports, according to a person familiar with the matter, Protego Trust, the encryption and hosting company, was forced to lay off most of its empl…

Encryption and Hosting Company, Protego Trust, Forced to Lay off Most of its Employees Due to Failed Financing

According to reports, according to a person familiar with the matter, Protego Trust, the encryption and hosting company, was forced to lay off most of its employees this week. It is reported that the company has been seeking new financing, but has failed. Protego Trust completed a round A financing of US $70 million in 2021, and companies such as Coinbase Ventures, FTX and Digital Currency Group participated in the investment. In February 2022, the company appointed Brian Brooks, the former acting auditor of OCC, as a member of the board of directors. Protego has a US federal trust license. （CoinDesk）

Foreign media: Protego Trust, the encryption and custody company, has laid off most of its employees

Interpretation of the news:


Protego Trust, an encryption and hosting company, has reportedly laid off most of its employees this week after it was unable to secure new financing. This news comes just months after the company completed a round of funding worth $70 million in which Coinbase Ventures, FTX, and Digital Currency Group participated.

The news of the layoffs is not surprising, given that there have been reports of Protego Trust struggling to secure financing in recent months. However, the fact that the company was forced to lay off most of its employees indicates that the situation is more dire than previously thought.

Protego Trust is a US-based company that holds a federal trust license. Its main business is providing secure storage solutions for digital assets. The company has attracted the attention of some of the biggest players in the cryptocurrency industry, including Coinbase Ventures and FTX, thanks to its reputation for providing top-notch security.

The appointment of Brian Brooks, the former acting auditor of OCC, to the company’s board of directors in February of this year also boosted the company’s credibility. However, it seems that these efforts were not enough to keep Protego Trust afloat.

The news of Protego Trust’s layoffs is a reminder of the risks involved in investing in the cryptocurrency industry. Despite its growing mainstream adoption and increasing institutional interest, the digital asset industry remains highly volatile and subject to sudden changes in market conditions.

Investors should always thoroughly research any company before investing their money. While some may be attracted to the potential for high returns, it is important to remember that there is always a risk of loss.

In conclusion, the news of Protego Trust’s layoffs highlights the unpredictable nature of the cryptocurrency industry. Despite its promising prospects, there are always risks involved in investing in this emerging market.

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