A group of tech billionaires, led by Palmer Luckey, co-founder of military contractor Anduril, is preparing to launch a new bank named Erebor, aimed at filling the gap left by Silicon Valley Bank (SVB) for start-ups, including those in the cryptocurrency sector.
Backed by high-profile investors such as Peter Thiel’s Founders Fund and Joe Lonsdale of 8VC, Erebor has applied for a national bank charter in the U.S. and plans to offer traditional banking products alongside services related to digital currencies.
The bank’s target market includes tech companies focused on cryptocurrencies, artificial intelligence, and defense, as well as individuals working in these sectors. Co-CEOs Jacob Hirshman and Owen Rapaport will lead the bank, which will operate digitally with its headquarters in Columbus, Ohio, and an additional office in New York. The initiative comes in response to concerns from start-ups about insufficient access to banking services following SVB’s collapse in 2023, according to a Financial Times report.
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