After the collapse of Silicon Valley Bank, startups and the cryptocurrency industry have long lacked dedicated banking services. According to a report by the Financial Times, legendary Silicon Valley investor Peter Thiel and other super-rich individuals are organizing a fully digital bank named 'Erebor,' which plans to obtain a national banking license in the United States, specifically to serve startups and cryptocurrency companies, in order to fill the huge funding vacuum left by the collapse of SVB. (Background: Traditional banks are venturing into blockchain) Deutsche Bank is set to launch cryptocurrency asset custody services in 2026, targeting enterprises and institutional investors. (Additional background: Germany's largest banking group Sparkassen will open Bitcoin trading: 50 million people can buy cryptocurrencies online by next summer) According to the Financial Times, legendary Silicon Valley investor Peter Thiel, Anduril founder Palmer Luckey, and 8VC co-founder Joe Lonsdale are organizing a fully digital bank named 'Erebor,' which plans to obtain a national banking license in the United States, specifically to serve startups and cryptocurrency companies, in order to fill the huge funding vacuum left by the collapse of Silicon Valley Bank (SVB) in March 2023. Erebor is positioned to fill the role that SVB played as a primary banking partner for half of the U.S. venture capital-backed startups. When SVB collapsed, a large amount of company funds was frozen, leading to delayed payroll and cash flow crises. Statistics show that the average operating cash days for affected startups plummeted from 43 days to 18 days. During the 'financial window period' after SVB's collapse, most startups still could not find dedicated banks and continued to face liquidity pressures. Reports indicate that Erebor is expected to be headquartered in Columbus, Ohio, with a main office in New York. Currently, Erebor has submitted an application for a federal-level license to operate across states and be under unified regulation. The founders emphasize 'compliance first': allowing balance sheet holdings of USD stablecoins, providing 'the fastest and most compliant stablecoin settlement,' and promptly publishing Merkle Tree verification reports. Notably, the stablecoin settlement that Erebor offers is expected to reduce cross-border transfer costs by 70%, shortening the venture capital financing turnaround time from an average of 5 days to a few hours, injecting much-needed funds into AI, cryptocurrency, defense, and manufacturing startups. The venture capital community also views this as a key tool for restoring pipeline liquidity and lowering fundraising costs. Regulation and Market Risks Although the Trump administration has recently released 'innovation-friendly' signals, and the National Economic Council (NEC) in the United States also supports regulated stablecoins, Erebor still faces challenges such as interest rate trends, scrutiny from traditional regulatory agencies, and transparency of stablecoin reserves. Whether Erebor can stand firm amid the tug-of-war between regulation, demand, and technology will determine whether it can become the future funding foundation for the startup industry, so let's keep an eye on it. Related Reports Circle applies for a U.S. trust bank license: self-custody of USDC, a key step into federal regulation Standard Chartered report: Bitcoin surged to $135,000 in Q3, led by ETF reserve frenzy, caution advised on high-leverage volatility Animoca Brands partners with Standard Chartered and Hong Kong Telecom to prepare for the issuance of a HKD stablecoin, targeting cross-border payments.

#AI #USDC