Pro crypto bank Erebor Bank officially launches, eyeing the void left in Silicon Valley
Pro crypto bank Erebor Bank officially launches, eyeing the void left in Silicon Valley
The pro-cryptocurrency startup bank Erebor Bank is drawing significant attention from the financial industry after becoming the first institution to receive approval to establish a U.S. national bank during President Donald Trump’s second term.
On February 7 (local time), cryptocurrency-focused media outlet Cointelegraph, citing a report from The Wall Street Journal, said the U.S. Office of the Comptroller of the Currency (OCC) has granted final approval for Erebor Bank to operate nationwide as a national bank. Launching with approximately $635 million in capital, Erebor Bank plans to target startups, venture capital-backed firms, and high-net-worth individuals who have faced a financial services gap since the collapse of Silicon Valley Bank in 2023.
Erebor Bank is backed by prominent technology investors including Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, and Elad Gil. The bank was spearheaded by Palmer Luckey, co-founder of Oculus, who will serve as a board member without being involved in day-to-day operations. Following a $350 million funding round led by Lux Capital last year, Erebor Bank was valued at $4 billion, underscoring market confidence in its growth potential.
Positioning itself as a “credit union for technology companies,” Erebor Bank plans to offer specialized financial services to startups in advanced industries such as defense technology, robotics, and AI-driven manufacturing. Its strategy focuses on filling a niche by providing capital to startups holding innovative assets that traditional banks often struggle to evaluate.
In particular, Erebor Bank intends to introduce a blockchain-based payment system that enables 24/7, year-round transactions without the operating hour constraints of traditional banks. Having already secured deposit insurance approval from the U.S. Federal Deposit Insurance Corporation (FDIC), the bank plans to launch bold financial products, including loans backed by cryptocurrency holdings or private securities, as well as funding support for the purchase of high-performance AI chips.
Erebor Bank’s acquisition of a national bank charter is widely seen as reflecting the Trump administration’s pro-business and pro-cryptocurrency stance. Its successful launch is expected to accelerate the convergence of cryptocurrency and traditional finance and play a meaningful role in fostering the growth of technology-driven startups.
*Disclaimer: This article is for informational purposes only and does not constitute investment advice. Responsibility for any investment losses based on this information is not assumed.*
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