Crypto startup Erebor becomes first bank approved in Trumps 2nd term | Latest Tech News
Crypto-focused Erebor Bank grew to become the first bank to obtain a national bank constitution during the second term of the Trump administration, the Wall Street Journal reported Friday.
The approval permits the Palmer Luckey-backed entity to operate as a bank nationwide, and occurred less than eight months after it utilized for a constitution with the Office of the Comptroller of the Currency.
The OCC didn’t immediately reply to a GWN request for remark.
The approval permits the Palmer Luckey-backed entity to operate as a bank nationwide. Bloomberg via Getty Images
Launched by Anduril co-founder Luckey, Erebor obtained conditional approval from US banking regulators in October.
Palantir co-founder Joe Lonsdale is an investor in the bank, while Peter Thiel has also been widely reported to back the initiative.
Erebor plans to serve technology companies in artificial intelligence, crypto, protection and manufacturing, as properly as people who work at or invest in them, according to its constitution software.
It is also aiming to fill the void left by Silicon Valley Bank’s collapse in 2023, which was a key banking channel for early-stage technology companies and enterprise capitalists deemed too dangerous by conventional banks.
Like Anduril and Palantir, Erebor takes its identify from J.R.R. Tolkien’s “The Lord of the Rings” collection. ©New Line Cinema/courtesy Everet
Many startups struggled to access capital and meet fast obligations, such as payrolls after the bank collapsed.
Like Anduril and Palantir, Erebor takes its identify from J.R.R. Tolkien’s “The Lord of the Rings” collection. In the books, Erebor is the “Lonely Mountain,” a fortress whose treasures are reclaimed from the dragon Smaug.
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