Main to remember
- Erebor is a new digital bank led by Palmer Luckey and supported by the best technological investors, focused on the Bitcoin and Technology sectors.
- The bank asked for a national charter and will have its registered office at Columbus, Ohio, with the CO-PDC Owen Rapaport and Jacob Hirshman.
- Erebor seeks to fill the gap left by the collapse of Silicon Valley Bank by serving startups and investors who need reliable banking services.
A group of technological billionaires led by the co-founder of Andundil Palmer Luckey, as well as the founding fund of Peter Thiel and the co-founder of Palantir, Joe Lonsdale, should launch Erebor, a new American bank focused on the crypto and bitcoin sectors.
The Financial Times reported on Wednesday that Erebor will target companies in artificial intelligence, bitcoin, crypto, defense and manufacturing, as well as individuals working in these industries.
Application and leadership of the banking charter
Erebor asked for a national bank charter and plans to have his headquarters in Columbus, Ohio, with a secondary office in New York.
The digital bank only will be directed by the CO-PDG Owen Rapaport and Jacob Hirshman.
According to the report, Hirshman previously was adviser to the Stablecoin Company Circle.
Filling the vacuum left by SVB
The collapse of Silicon Valley Bank, in March 2023, left start-up technological companies and jamming venture capital for reliable banking partners.
SVB was known as a key banking channel for startups considered too risky by traditional banks.
The request for an Erebor Charter indicates that it plans to contain stablescoins – Bitcoin assets designed to maintain stable value – at its balance sheet.
Erebor aims to serve technological companies and investors who had trouble accessing capital after the SVB crisis.
The new bank intends to support both companies and individuals in technology and Bitcoin space which have been faced with challenges to access to banking services since the failure of SVB.
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