A new crypto bank has emerged in the form of Erebor, a firm backed by a group of tech billionaires, including Peter Thiel, a figure with connections to President Donald Trump’s administration. Having received regulatory approval to launch, the bank is seeking to address the gap left by the collapse of Silicon Valley Bank (SVB).

Erebor Receives Preliminary Approval

According to its banking charter application, Erebor intends to serve businesses within the US “innovation economy,” particularly tech companies concentrated on cryptocurrencies, artificial intelligence (AI), defense, and manufacturing.

A source close to Erebor told the Financial Times that the bank’s commitment to being a stable and reliable institution, stating, “We want to be a stable, low-risk, reliable bank doing no

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