The big players are bringing coal to the crypto world! Silicon Valley tycoons are pulling out their wallets to open banks, specifically to save those crypto companies that are about to be frozen out by traditional banks!
As an old hand in the crypto world, Old Zhao often says: No matter how strong the chain is, without money, it's just cold dishes. This time, Peter Thiel (founder of PayPal) and Palmer Luckey (VR guru) have teamed up to create a new bank called Erebor, clearly aimed at being a support for cash-strapped crypto companies. Why act now? Because when Silicon Valley Bank (SVB) collapsed in 2023, small companies dealing with crypto and AI became the black sheep in the eyes of banks, making it harder than ever to borrow money. Erebor specifically caters to the kids that banks don’t want; whether you're working on Bitcoin or AI, as long as you're innovative, they’ll fund you.
What's even more incredible is that this bank not only handles deposits and loans but also offers a full range of services for virtual currency custody and trading, all done with a few taps on your phone. The most ruthless move? They’re putting stablecoins right into their own ledger! While USDT and USDC are popular, they often get criticized for lacking a proper home; Erebor aims to be the most compliant stablecoin custodian, even wanting to enable companies to pay salaries and conduct cross-border transfers using stablecoins. Why are they so bold? Their second-in-command, Jacob Hirshman, was formerly an advisor at stablecoin company Circle, so they know all the compliance tricks!
If you ask me, this is a timely boost for the crypto world. Small companies can finally catch their breath, and the big players investing real money also helps legitimize crypto; it can even force old-school giants like JPMorgan to keep up. If you're feeling helpless or confused trading in the crypto world right now, I hope my sharing can provide you with some inspiration and help! Follow me so you don't get lost; Old Zhao helps you stay ahead and gives you an information edge over others!
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