Home / Business and Economy / First Crypto Bank Charter Granted to Erebor Bank
First Crypto Bank Charter Granted to Erebor Bank
7 Feb
Summary
- Erebor Bank received a national bank charter from U.S. regulators.
- Palmer Luckey and Joe Lonsdale are key figures behind the bank.
- The bank aims to serve tech, crypto, defense, and AI businesses.
Erebor Bank has secured a national bank charter, marking a significant first for a crypto-focused institution. The approval, granted during the second term of the Trump administration, allows Erebor Bank to operate across the United States.
The process was notably swift, with the charter granted less than eight months after the bank's application to the Office of the Comptroller of the Currency. Palmer Luckey, co-founder of Anduril, is a driving force behind Erebor.
Further backing comes from Palantir co-founder Joe Lonsdale and Peter Thiel. Erebor Bank intends to provide banking services to technology companies within artificial intelligence, cryptocurrency, defense, and manufacturing sectors.
The bank also aims to serve individuals associated with these industries, such as employees and investors. This initiative seeks to address the banking void experienced by early-stage technology firms and venture capitalists following the 2023 collapse of Silicon Valley Bank.
