Protego Trust Bank, a Seattle-based federally chartered bank that serves the digital asset needs of institutional clients, announced on Monday the appointment of fintech leader Ron Totaro as the company’s chief executive officer.
Totaro’s employment follows recent appointments Protego Trust recently made to its board of directors and an advisory council of industry and regulatory leaders.
Greg Gilman, Founder and CEO of Protego Holdings Corp, commented on the Totaro hire: “Ron brings a solid understanding of digital asset and blockchain technology as well as strong relationships with leaders in banking and private equity. I look forward to working with him to finalize the OCC approval process and launch our must-have banking platform for institutional investors to securely hold, exchange, lend and issue digital assets, including cryptocurrencies.”
Totaro brings over three decades of financial services expertise in building and leading fintech, banking, payments and blockchain companies.
During his career, Totaro has served as a senior executive, board member and advisor to public companies and private equity and venture capital backed companies. His delivery of professional services has earned him a reputation for scaling businesses while driving profit and revenue growth.
Early in his career, Totaro held senior positions at analytics software company FICO, GE Capital, and payment card services company American Express.
Totaro also served as COO (Chief Operating Officer) of payment systems company ACI Worldwide, where he led business transformation while accelerating revenue and earnings growth.
Most recently, Totaro served as CEO of Tassat Group, where he led the company to become the leading provider of blockchain-based real-time payment solutions enabling banks to tokenize US dollar deposits and spend traditional payment rails to blockchain technologies.
Increase hiring despite market rout
Protego joins a group of crypto firms that have recently onboarded new CEOs and other executives as part of efforts to boost their institutional growth.
In May, TRM Labs appointed former Assistant Deputy Attorney General Sujit Raman, US Department of Justice (DOJ), as the company’s general counsel.
In June, Uniswap Labs hired former New York Stock Exchange President Stacey Cunningham as an advisor.
In July, blockchain company Algorand hired COO W. Sean Ford as interim CEO. Additionally, crypto financial services firm EQONEX has also named Nick Cogswell as head of sales for its asset management business.
Additionally, in late July, ZASH Global Media and Entertainment appointed Erik Finman as CEO, overseeing the company’s growing crypto and NFT initiatives.
Despite the ongoing stock market crash, crypto companies like Polygon, Circle, Binance and others have continued to hire top talent from Big Tech companies, enticing them to work on the next “big thing” in tech – Web3.
CEOs of tech giants like Google, Facebook and Amazon are quitting to take jobs in the burgeoning world of crypto.
The buzz surrounding Web3 has attracted some of the brightest minds in tech. The Web3 movement proposes to overhaul the internet to move popular online services to decentralized technologies like blockchain.
Tech executives are drawn to the crypto industry because of its rapid growth and lucrative compensation packages.
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