Now, a group of technological billionaires would aim to fill the space left by the lender’s disappearance with the launch of a new bank, known as Erebor.
Like the Financial Times (FT) reported Tuesday, July 1, sources familiar with the issue say that this group is supported by Palmer Luckeyco-founder of the military entrepreneur Andundil.
Also involved, according to sources, is Joe Lonsdalefounder of the venture capital company 8VC and co-founder of the defense company of Peter Thiel Palantant. Thiel venture capital funds, Founders’ fundsis also an investor, according to two of the sources.
The report notes that the name of the bank – like that of Andundil and Palantir – is taken from the fantastic writer Jrr Tolkein. In Tolkein’s “The Hobbit”, Erebor is a mountain over the case of treasure.
According to the FT, Luckey and Lonsdale want Erebor to take the space occupied by the Silicon Valley Bank as essential financial institutions for Risk startups and cryptographic companies that traditional banks could otherwise reject.
“The bank will be a national bank … providing traditional banking products, as well as products and services linked to virtual currency, for businesses and individuals,” said Erebor in its request for a banking charter.
The file added that the bank “differentiates” by doing business with customers who “are not well served by traditional or disruptive financial institutions, in particular with regard to insufficient access to credit”.
StableThe added report should be an important part of Erebor’s operations, the request claiming that the bank wanted to be “the most regulated entity making and facilitating stablecoin transactions”.
Pymnts wrote earlier this week on the world of traditional finances Adoption of stablecoins following New American regulations covering digital currencies.
“With the clearly stated compliance routes”, according to this report, players such as JP Morgan, Visa and Stripe now have the “legal coverage to experiment” with token dollars, many of them already obtaining their Blockchain initiatives in progress.
“Everyone jumps in the stablecoins at the moment”, ” Brett Mclainchief of payments and blockchain at Krakensaid in an interview with Pymnts. “All the big banks, they speak Create their own; Others want to take advantage of those existing. »»
However, this report added that the regulatory implementation will always be complex, with the Treasury Department,, Federal reserve and the Application network of financial crimes Responsible for delimiting compliance standards, audit protocols and license diets.
“After all, most Illicit activity on the blockchain Now includes the use of stablescoin, ”concluded the report.
