"Financial Times" reports: A group of billionaire Silicon Valley entrepreneurs in the United States has applied for a charter banking license in the U.S. to establish a national bank, focusing on supporting startups engaged in cryptocurrency and other businesses.

After the collapse of Silicon Valley Bank in March 2023, some startups involved in high-risk businesses such as cryptocurrency trading have faced difficulties in securing financing in the U.S.

According to reports citing informed sources, the new bank is named "Erebor," after the treasure location in "The Lord of the Rings," with major investors being Silicon Valley big donors of the current Republican government in the U.S., such as Peter Thiel.

According to application documents disclosed earlier this week, "Erebor" Bank will be a national bank providing traditional banking products and services related to virtual currencies for businesses and individuals, with the primary target customers being companies participating in the U.S. "innovation economy," especially those in the fields of cryptocurrency, artificial intelligence, defense, and manufacturing, as well as individuals working for or investing in these companies, including those with "limited access to credit."

The bank will also seek to collaborate with non-U.S. companies that are "interested in entering the U.S. banking system."

Reports indicate that the headquarters of "Erebor" Bank will be located in Columbus, Ohio, with an office in New York City, providing only online customer services.