The Block writes that Protego Trust Bank, licensed as a cryptocurrency bank in the United States, has launched its Series B funding round and expects to receive a $2 billion valuation of the company based on the results.

According to broadcast sources, negotiations are at an early stage, there is no firm deadline.

Protego Trust Bank’s previous $70 million round in 2021 included the investment arm of FTX, Coinbase, Algorand, Avalanche, Cardano, Ripple, Solana, Digital Currency Group, NYCA Partners and Reciprocal Ventures.

Protego Trust Bank was licensed as a cryptocurrency bank in February 2021. Paxos and Anchorage also became owners. According to the latter, the Office of the Currency Control within the US Department of the Treasury (OCC) has recently received complaints regarding the implementation of the compliance program.

In April 2022, Circle CEO Jeremy Allaire announced that the company he led was preparing to apply for a similar license.

In August 2021, Allair promised to become a “commercial, fully segregated cryptocurrency bank” regulated by Circle’s risk management requirements. fedU.S. Department of the Treasury, OCC and FDIC.

As a reminder, most of the OCC’s cryptocurrency guidelines were issued under the direction of former department head Brian Brooks. The regulator allowed it to hold cryptographic keys from cryptocurrency wallets, store and publish stablecoins security.

The regulator promised to provide additional recommendations regarding the integration of cryptocurrencies into banks’ product lines in 2022.