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PayPal co-founder and other tech billionaires establish Erebor Bank to serve encryption and AI startups.
According to a report by the Financial Times on July 3, the Deep Tide TechFlow news states that PayPal co-founder Peter Thiel has teamed up with several tech billionaires to establish a bank named Erebor, aiming to fill the market gap left by the collapse of Silicon Valley Bank ( SVB ). The bank will focus on serving startups in fields such as Crypto Assets, artificial intelligence, manufacturing, and defense technology, and has applied for a national bank charter with the Office of the Comptroller of the Currency.
Erebor was founded by Palmer Luckey, co-founder of Anduril, with support from Joe Lonsdale, co-founder of Palantir, and the Founder Fund established by Thiel. The co-CEOs are Owen Rapaport and Jacob Hirshman. Notably, Erebor plans to incorporate stablecoins into its balance sheet, but the specific coins have not yet been specified.