Tech investors Peter Thiel, Palmer Luckey and Joe Lonsdale have teamed up to create Erebor, a digital-first commercial bank designed for cryptocurrency firms and venture-backed technology startups
Tech investors Peter Thiel, Palmer Luckey and Joe Lonsdale have teamed up to create Erebor, a digital-first commercial bank designed for cryptocurrency firms and venture-backed technology start-ups. The group has applied for a national bank charter with the Office of the Comptroller of the Currency, according to a filing cited by the Financial Times.
Erebor plans to offer a mix of conventional deposit and lending products alongside virtual-currency services such as stablecoin custody. The bank would be headquartered in Columbus, Ohio, with an additional office in New York, and intends to keep both U.S. and overseas companies on its client roster, the filing shows.
The venture seeks to fill a financing void created by the 2023 failure of Silicon Valley Bank, which had been a key lender to crypto and other high-growth technology companies. By securing a full national charter, the backers say Erebor can provide regulated access to the U.S. banking system for sectors they argue remain underserved by large incumbents.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
Source: https://thedefiant.io/news/tradfi-and-fintech/thiel-luckey-launch-erebor-bank-crypto-startups-f161f774
