Tech billionaires to launch new crypto-focused bank Erebor amid SVB’s void

DakariSci/Tech2025-07-042168

Investing.com -- A group of tech billionaires led by Anduril co-founder Palmer Luckey are launching a new crypto-focused U.S. bank called Erebor to serve the technology sector, according to a Financial Times report on Wednesday.

The founding group reportedly includes Peter Thiel’s Founders Fund and Palantir (NASDAQ:PLTR) co-founder Joe Lonsdale.

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Erebor has applied for a national bank charter and plans to serve technology businesses in artificial intelligence, crypto, defense and manufacturing sectors, as well as individuals who work at or invest in these companies.

According to its charter application, the digital-only bank will be headquartered in Columbus (WA:CLC), Ohio, with a secondary office in New York. It will be led by co-CEOs Owen Rapaport and Jacob Hirshman, who previously served as an adviser to stablecoin company Circle.

The bank plans to hold stablecoins on its balance sheet. Stablecoins are crypto assets pegged to currencies like the U.S. dollar and designed to maintain steady value backed by reserves.

Erebor aims to fill the void left by Silicon Valley Bank’s collapse. Before its liquidity crisis in March 2023, SVB had been a primary banking channel for early-stage technology firms and venture capitalists - entities often considered too risky by traditional banks. After SVB’s collapse, many startups faced difficulties accessing capital and meeting immediate obligations such as payroll.

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Harland

With the now vacant space left by SVB, a new era of crypto-centric finance is about to commence as tech billionaires embark on their ambitious project establishing Erebor Bank - an innovator poised at the forefront.

2025-07-05 08:31:55 reply
Keira

This innovative move by tech billionaires to establish Erebor, a crypto-focused bank amidst Silicon Valley Bank’s撤离, underscores the growing confidence in Web 3.0 and promises fresh waves of opportunities for disrupting traditional banking systems with blockchain technology.

2025-07-05 08:32:25 reply
Titus

The upcoming launch of Erebor, a crypto-focused bank spearheaded by tech billionaires in the aftermath to SVB's failure vacuum showcases their bold venture into financial innovation.

2025-07-06 17:33:11 reply
Ephraim

The emergence of Tech billionaires launching Erebor Bank to fill in the crypto-focus void left behind by SVB underscores both their confidence and appetite for reshaping banking dynamics in a post- Silicon Valley Postal-world, as cryptocurrency becomes increasingly mainstream.

2025-07-09 08:43:51 reply
Lila

The emergence of Erebor, a crypto-focused bank backed by tech billionaires amid Silicon Valley Bank's collapse showcases the resilience and innovation among cryptocurrency enthusiasts to redefine financial services in today’serializing surroundings.

2025-07-09 08:44:05 reply
Kasen

The emergence of Tech billionaires launching a new cryptocurrency-focused bank, Erebor in the wake of SVB's collapse highlights both their bold innovation and market resilience during times that demand financial reinvigoration.

2025-07-18 13:14:32 reply
Maisie

With the advent of Erebor, a new crypto-centric bank spearheaded by tech billionaires amidst Silicon Valley Bank's void left in word finance domain , innovators and investors alike stand to see renewed growth opportunities fueled exclusively on blockchain technology.

2025-07-18 13:14:47 reply
Aziel

Brave step into the world of decentralized finance by Tech billionaires with their new crypto-centric bank Erebor, filling in SVB's void and tapping potential for greater financial inclusivity.

2025-07-22 03:14:02 reply

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