Former PayPal CEO Peter Thiel is backing Erebor, a new commercial bank designed to support startups in the cryptocurrency, artificial intelligence (AI), and manufacturing sectors. This venture aims to address the funding gap created by the collapse of Silicon Valley Bank (SVB) in 2023, a key lender for crypto-related businesses. Erebor intends to provide specialized financial services tailored to the unique needs of these high-growth industries. Thiel's involvement, along with other prominent tech figures, signals strong confidence in the future of these sectors and their need for dedicated banking solutions. The bank is expected to offer traditional banking services while understanding the complexities and regulatory landscapes of the crypto and AI spaces. This initiative could provide a much-needed boost to innovation and development within these emerging fields. ```

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