PayPal co-founder Peter Thiel and a handful of other tech billionaires are reportedly launching a new bank partially dedicated to serving crypto startups.
According to a new report from Financial Times, Thiel and other investors – such as the CEO of military contracting company Anduril – to create a bank called Erebor, which references to popular fantasy series The Lord of the Rings.
FT says the billionaires intend for the bank to serve crypto startups and take the place of Silicon Valley Bank (SVB), a crypto-friendly bank that ended up going bankrupt in 2023. However, the Erebor plans to lend traditionally as well.
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As stated by the bank in its public application to acquire the necessary licenses to operate in the US, according to FT,
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